Wall Street Zen Upgrades Galecto (NASDAQ:GLTO) to Hold

Galecto (NASDAQ:GLTO) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Galecto in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell”.

Galecto Price Performance

Shares of GLTO stock opened at $22.85 on Friday. The business’s fifty day moving average price is $8.62 and its 200 day moving average price is $5.16. The firm has a market capitalization of $30.39 million, a PE ratio of -1.89 and a beta of 1.45. Galecto has a 1-year low of $2.01 and a 1-year high of $33.60.

Galecto (NASDAQ:GLTO) last issued its earnings results on Thursday, November 6th. The company reported ($2.36) EPS for the quarter. Equities research analysts expect that Galecto will post -15.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Galecto

A number of large investors have recently added to or reduced their stakes in the business. Connective Capital Management LLC acquired a new position in Galecto during the third quarter worth about $100,000. Two Sigma Investments LP purchased a new position in shares of Galecto during the 3rd quarter worth approximately $76,000. Finally, Virtu Financial LLC acquired a new position in shares of Galecto during the 3rd quarter worth approximately $49,000. 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 GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and 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.