Galecto (NASDAQ:GLTO) Upgraded to “Hold” at Wall Street Zen

Galecto (NASDAQ:GLTO) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also issued reports on GLTO. Guggenheim began coverage on shares of Galecto in a research note on Monday, December 1st. They issued a “buy” rating and a $32.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galecto in a research note on Monday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Galecto presently has a consensus rating of “Hold” and an average price target of $32.00.

Galecto Stock Performance

Shares of Galecto stock opened at $27.46 on Friday. The firm’s 50-day simple moving average is $13.10 and its 200-day simple moving average is $6.72. Galecto has a twelve month low of $2.01 and a twelve month high of $33.60. The firm has a market cap of $36.52 million, a P/E ratio of -2.27 and a beta of 1.40.

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

Hedge Funds Weigh In On Galecto

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new position in Galecto during the third quarter worth $49,000. Two Sigma Investments LP bought a new position in shares of Galecto in the 3rd quarter valued at about $76,000. Finally, Connective Capital Management LLC bought a new position in shares of Galecto in the 3rd quarter valued at about $100,000. 14.20% of the stock is owned by institutional investors.

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.