Galecto (NASDAQ:GLTO) Shares Down 13.3% – Time to Sell?

Galecto, Inc. (NASDAQ:GLTO)’s stock price dropped 13.3% on Monday . The stock traded as low as $29.61 and last traded at $29.61. Approximately 82,189 shares changed hands during trading, a decline of 29% from the average daily volume of 116,104 shares. The stock had previously closed at $34.14.

Analyst Upgrades and Downgrades

GLTO has been the topic of a number of research reports. Guggenheim upped their price objective on Galecto from $32.00 to $36.00 and gave the company a “buy” rating in a report on Monday, December 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 22nd. Finally, Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $36.00.

Galecto Stock Performance

The company has a fifty day simple moving average of $19.49 and a two-hundred day simple moving average of $9.68. The stock has a market capitalization of $47.38 million, a price-to-earnings ratio of -2.45 and a beta of 1.38.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($2.36) EPS for the quarter. As a group, equities analysts anticipate that Galecto, Inc. will post -15.91 earnings per share for the current 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 bought a new stake in shares of Galecto during the 3rd quarter worth approximately $49,000. Two Sigma Investments LP acquired a new position in Galecto during the third quarter valued at approximately $76,000. Finally, Connective Capital Management LLC bought a new stake in Galecto during the third quarter worth $100,000. 14.20% of the stock is currently owned by institutional investors and hedge funds.

Galecto Company Profile

Galecto Inc is a clinical‐stage biotechnology company developing small‐molecule therapies that target key pathways involved in fibrotic and malignant diseases. The company’s research focuses on inhibiting galectin‐3, an extracellular carbohydrate‐binding protein implicated in inflammation, fibrosis and tumor progression, as well as lysyl oxidase‐like 2 (LOXL2), an enzyme that crosslinks collagen and elastin in fibrotic tissue.

Its lead programs include GB0139, an inhaled galectin‐3 inhibitor in Phase II trials for idiopathic pulmonary fibrosis and other fibrosing lung diseases, and GB1211, an oral galectin‐3 inhibitor being evaluated for systemic fibrotic disorders.