Galecto (NASDAQ:GLTO) Coverage Initiated by Analysts at UBS Group

UBS Group initiated coverage on shares of Galecto (NASDAQ:GLTO) in a report published on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $45.00 price objective on the stock.

GLTO has been the topic of a number of other reports. Guggenheim reiterated a “buy” rating and set a $40.00 price target (up from $36.00) on shares of Galecto in a report on Tuesday. Wall Street Zen raised Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Galecto in a research note on Monday, December 29th. Lifesci Capital raised shares of Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Finally, Leerink Partners assumed coverage on shares of Galecto in a report on Wednesday, January 7th. They set an “outperform” rating and a $46.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.67.

Galecto Stock Performance

NASDAQ:GLTO opened at $29.91 on Tuesday. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The firm has a 50-day moving average price of $25.94 and a two-hundred day moving average price of $15.05. The firm has a market cap of $47.86 million, a price-to-earnings ratio of -2.47 and a beta of 1.42.

Hedge Funds Weigh In On Galecto

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLTO. Jain Global LLC purchased a new position in shares of Galecto in the fourth quarter worth about $2,774,000. Remedium Capital Partners LLC purchased a new stake in shares of Galecto during the 4th quarter valued at approximately $2,772,000. Connective Capital Management LLC bought a new position in Galecto in the 3rd quarter worth approximately $100,000. Two Sigma Investments LP bought a new position in Galecto in the 3rd quarter worth approximately $76,000. Finally, Sigma Planning Corp purchased a new position in Galecto in the 4th quarter valued at approximately $334,000. Institutional investors own 14.20% of the company’s stock.

About Galecto

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.