Galecto (NASDAQ:GLTO) Shares Down 1.9%

Shares of Galecto, Inc. (NASDAQ:GLTO) fell 1.9% on Wednesday . The stock traded as low as $0.65 and last traded at $0.67. 60,222 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 238,462 shares. The stock had previously closed at $0.69.

Galecto Stock Down 1.9 %

The firm has a market capitalization of $18.29 million, a price-to-earnings ratio of -0.47 and a beta of 1.24. The company has a fifty day moving average price of $0.73 and a two-hundred day moving average price of $0.67.

Galecto (NASDAQ:GLTO) last posted its quarterly earnings data on Friday, March 8th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.08. On average, equities analysts anticipate that Galecto, Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Galecto

Several hedge funds have recently modified their holdings of GLTO. BlackRock Inc. lifted its holdings in shares of Galecto by 1,541.4% during the second quarter. BlackRock Inc. now owns 273,475 shares of the company’s stock worth $689,000 after purchasing an additional 256,814 shares during the period. Geode Capital Management LLC raised its position in Galecto by 77.8% in the second quarter. Geode Capital Management LLC now owns 193,691 shares of the company’s stock worth $488,000 after acquiring an additional 84,741 shares in the last quarter. Vanguard Group Inc. raised its position in Galecto by 48.9% in the third quarter. Vanguard Group Inc. now owns 217,300 shares of the company’s stock worth $156,000 after acquiring an additional 71,342 shares in the last quarter. Renaissance Technologies LLC raised its position in Galecto by 9.1% in the second quarter. Renaissance Technologies LLC now owns 246,711 shares of the company’s stock worth $427,000 after acquiring an additional 20,547 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in Galecto by 50.0% in the third quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock worth $113,000 after acquiring an additional 20,000 shares in the last quarter. 14.20% of the stock is owned by institutional investors and hedge funds.

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.