Galecto, Inc. (NASDAQ:GLTO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Galecto, Inc. (NASDAQ:GLTO) has been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $7.60.

Several analysts recently issued reports on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Galecto in a research note on Tuesday, August 1st. HC Wainwright dropped their price target on shares of Galecto from $12.00 to $2.00 and set a “buy” rating for the company in a research note on Monday, August 21st. SVB Leerink reissued a “market perform” rating and issued a $2.00 price target (down previously from $13.00) on shares of Galecto in a research note on Tuesday, August 15th. Leerink Partnrs cut shares of Galecto from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 15th. Finally, SVB Securities cut shares of Galecto from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 15th.

Galecto Stock Performance

Shares of NASDAQ GLTO opened at $0.57 on Friday. Galecto has a 12-month low of $0.54 and a 12-month high of $3.70. The stock has a market cap of $15.44 million, a PE ratio of -0.28 and a beta of 1.12. The company has a 50-day moving average of $1.89 and a 200 day moving average of $2.06.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings data on Monday, July 31st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.19. On average, sell-side analysts forecast that Galecto will post -1.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 39,200 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $2.92, for a total transaction of $114,464.00. Following the completion of the transaction, the insider now owns 162,153 shares of the company’s stock, valued at approximately $473,486.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 443,300 shares of company stock valued at $1,209,944. Company insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On Galecto

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Galecto by 1,541.4% during the 2nd quarter. BlackRock Inc. now owns 273,475 shares of the company’s stock worth $689,000 after buying an additional 256,814 shares in the last quarter. MAI Capital Management lifted its holdings in Galecto by 9.5% during the 1st quarter. MAI Capital Management now owns 255,453 shares of the company’s stock worth $508,000 after buying an additional 22,170 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Galecto by 9.1% during the 2nd quarter. Renaissance Technologies LLC now owns 246,711 shares of the company’s stock worth $427,000 after buying an additional 20,547 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Galecto by 77.8% during the 2nd quarter. Geode Capital Management LLC now owns 193,691 shares of the company’s stock worth $488,000 after buying an additional 84,741 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its holdings in Galecto by 31.3% during the 1st quarter. Susquehanna International Group LLP now owns 63,037 shares of the company’s stock worth $125,000 after buying an additional 15,016 shares in the last quarter. Hedge funds and other institutional investors own 29.40% of the company’s stock.

About Galecto

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB0139, an inhaled small molecule inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung; GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.