Galecto (NASDAQ:GLTO) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Galecto (NASDAQ:GLTO) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other research firms also recently weighed in on GLTO. Guggenheim raised 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 note on Monday, December 29th. Leerink Partners initiated coverage on Galecto in a research note on Wednesday. They issued an “outperform” rating and a $46.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Galecto currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Galecto Trading Up 0.6%

GLTO opened at $20.50 on Wednesday. The company has a market cap of $32.80 million, a P/E ratio of -1.69 and a beta of 1.42. The company’s 50 day moving average is $22.00 and its 200-day moving average is $10.74. Galecto has a 1-year low of $2.01 and a 1-year high of $38.33.

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

Institutional Trading of Galecto

Several institutional investors have recently added to or reduced their stakes in GLTO. Two Sigma Investments LP bought a new position in Galecto during the 3rd quarter worth approximately $76,000. Virtu Financial LLC acquired a new stake in shares of Galecto during the third quarter worth $49,000. Finally, Connective Capital Management LLC bought a new position in Galecto during the third quarter worth $100,000. 14.20% of the stock is currently owned by institutional investors.

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.