Canaccord ran:the $22.0M raise in January 2024, earning 6.0% of...

Canaccord ran:

1. the $22.0M raise in January 2024, earning 6.0% of placement proceeds (jointly)
2. the $31.5M raise in May 2023, earning 5.0% of placement proceeds (sole bookrunner)
3. the $50.0M raise in August 2021, earning 5.5% of placement proceeds (sole bookrunner)

It isn’t hard to see why they’re happy to slap a fairly ridiculous price target on Galan (a few ticks below their all-time high of $2.33). When I posted the less-bullish Macquarie note (PT: $0.60 or +103%) I received 3 likes, accusations of bias, and “rubbish report”. When I posted the clearly-biased (see above) Canaccord report (PT: $2.25 or +603%) I received 21 likes and three lightbulbs. Make of that what you will!