Galecto, Inc. (NASDAQ:GLTO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Galecto, Inc. (NASDAQ:GLTO) have been given a consensus rating of “Moderate Buy” by the six analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $43.6667.

GLTO has been the subject of several analyst reports. Zacks Research raised Galecto to a “hold” rating in a research note on Friday, January 9th. Leerink Partners assumed coverage on shares of Galecto in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 price objective on the stock. Guggenheim restated a “buy” rating and set a $40.00 price objective (up from $36.00) on shares of Galecto in a research report on Tuesday, February 17th. UBS Group started coverage on shares of Galecto in a report on Tuesday, February 17th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th.

Galecto Trading Down 6.6%

GLTO stock opened at $28.08 on Wednesday. The company has a market capitalization of $44.93 million, a P/E ratio of -2.32 and a beta of 1.42. The business has a 50 day simple moving average of $26.20 and a 200-day simple moving average of $16.94. Galecto has a twelve month low of $2.01 and a twelve month high of $38.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC acquired a new stake in Galecto in the fourth quarter valued at $40,000. Virtu Financial LLC acquired a new position in Galecto during the third quarter worth about $49,000. Two Sigma Investments LP purchased a new position in Galecto in the third quarter valued at about $76,000. Connective Capital Management LLC acquired a new stake in shares of Galecto during the 3rd quarter valued at approximately $100,000. Finally, Geode Capital Management LLC purchased a new stake in shares of Galecto during the 4th quarter worth approximately $266,000. Institutional investors and hedge funds 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.