Galecto (NASDAQ:GLTO) Rating Lowered to “Sell” at Wall Street Zen

Galecto (NASDAQ:GLTO) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Monday.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galecto in a report on Monday, November 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Galecto Stock Performance

Shares of NASDAQ GLTO opened at $16.77 on Monday. The firm has a market capitalization of $22.30 million, a P/E ratio of -1.39 and a beta of 1.45. Galecto has a one year low of $2.01 and a one year high of $33.60. The company’s fifty day moving average is $9.90 and its two-hundred day moving average is $5.61.

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

Institutional Trading of Galecto

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Investments LP purchased a new stake in shares of Galecto during the third quarter worth about $76,000. Virtu Financial LLC acquired a new stake in Galecto during the third quarter worth approximately $49,000. Finally, Connective Capital Management LLC purchased a new stake in Galecto in the 3rd quarter worth approximately $100,000. Hedge funds and other institutional investors own 14.20% of the company’s stock.

Galecto Company Profile

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.