Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 86.6% in February

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a large growth in short interest during the month of February. As of February 13th, there was short interest totaling 277,004 shares, a growth of 86.6% from the January 29th total of 148,474 shares. Approximately 19.4% of the company’s stock are short sold. Based on an average daily volume of 462,288 shares, the days-to-cover ratio is currently 0.6 days. Based on an average daily volume of 462,288 shares, the days-to-cover ratio is currently 0.6 days. Approximately 19.4% of the company’s stock are short sold.

Galecto Stock Performance

Shares of GLTO stock opened at $29.58 on Monday. Galecto has a fifty-two week low of $2.01 and a fifty-two week high of $38.33. The firm has a market capitalization of $47.33 million, a price-to-earnings ratio of -2.44 and a beta of 1.42. The stock’s 50-day simple moving average is $26.20 and its 200-day simple moving average is $16.58.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ikarian Capital LLC acquired a new stake in shares of Galecto during the fourth quarter worth $6,574,000. Janus Henderson Group PLC purchased a new position in Galecto in the 4th quarter worth $40,000. Boothbay Fund Management LLC purchased a new position in Galecto in the 4th quarter worth $2,204,000. Jain Global LLC acquired a new stake in Galecto during the 4th quarter worth about $2,774,000. Finally, Remedium Capital Partners LLC purchased a new stake in Galecto during the 4th quarter valued at about $2,772,000. Hedge funds and other institutional investors own 14.20% of the company’s stock.

Analyst Ratings Changes

GLTO has been the topic of several analyst reports. Zacks Research upgraded Galecto to a “hold” rating in a research note on Friday, January 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Lifesci Capital raised shares of Galecto to a “strong-buy” rating in a research report on Monday, February 2nd. Finally, Leerink Partners initiated coverage on shares of Galecto in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

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.