Galectin Therapeutics (NASDAQ:GALT) Shares Down 5.6%
Galectin Therapeutics Inc. (NASDAQ:GALT)’s share price traded down 5.6% during mid-day trading on Wednesday . The company traded as low as $3.56 and last traded at $3.39, 13,117 shares traded hands during trading. A decline of 96% from the average session volume of 332,625 shares. The stock had previously closed at $3.59.
Separately, Zacks Investment Research upgraded shares of Galectin Therapeutics from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research report on Friday.
The company has a market capitalization of $203.85 million, a P/E ratio of -8.50 and a beta of 3.01. The business’s 50-day simple moving average is $3.88 and its 200 day simple moving average is $3.87.
In other Galectin Therapeutics news, major shareholder Fund L.P. 10X sold 17,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.73, for a total transaction of $63,410.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 40.70% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in GALT. WINTON GROUP Ltd raised its position in shares of Galectin Therapeutics by 37.5% during the 2nd quarter. WINTON GROUP Ltd now owns 40,279 shares of the company’s stock worth $167,000 after buying an additional 10,986 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Galectin Therapeutics by 25.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 15,247 shares of the company’s stock worth $63,000 after purchasing an additional 3,059 shares in the last quarter. Advisor Group Inc. raised its holdings in shares of Galectin Therapeutics by 16.5% in the 2nd quarter. Advisor Group Inc. now owns 807,175 shares of the company’s stock worth $3,350,000 after purchasing an additional 114,586 shares in the last quarter. Cutter & CO Brokerage Inc. bought a new stake in shares of Galectin Therapeutics in the 2nd quarter worth approximately $370,000. Finally, Wedbush Securities Inc. raised its holdings in shares of Galectin Therapeutics by 36.1% in the 2nd quarter. Wedbush Securities Inc. now owns 24,498 shares of the company’s stock worth $102,000 after purchasing an additional 6,500 shares in the last quarter. Institutional investors own 14.93% of the company’s stock.
About Galectin Therapeutics (NASDAQ:GALT)
Galectin Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, skin, and cancer diseases. The company's lead product candidate includes GR-MD-02 galectin-3 inhibitor, a galactoarabino-rhamnogalacturonan polysaccharide polymer that is in Phase III clinical trial for the treatment of liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis cirrhosis, as well as for the treatment of cancer.
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