Galecto (NASDAQ:GLTO) Research Coverage Started at Leerink Partners

Leerink Partners assumed coverage on shares of Galecto (NASDAQ:GLTO) in a report released on Wednesday, MarketBeat reports. The firm issued an outperform rating and a $46.00 price objective on the stock.

A number of other equities research analysts have also commented on the stock. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. Finally, Guggenheim lifted their price objective on Galecto from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. One research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Galecto Trading Up 0.6%

Shares of GLTO opened at $20.50 on Wednesday. The stock’s 50-day moving average price is $22.00 and its two-hundred day moving average price is $10.74. Galecto has a 12 month low of $2.01 and a 12 month high of $38.33. The company has a market capitalization of $32.80 million, a PE ratio of -1.69 and a beta of 1.42.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($2.36) earnings per share for the quarter. Equities research analysts predict that Galecto will post -15.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Galecto

Several institutional investors have recently made changes to their positions in the stock. Connective Capital Management LLC acquired a new stake in shares of Galecto in the 3rd quarter valued at about $100,000. Virtu Financial LLC bought a new position in Galecto in the third quarter worth approximately $49,000. Finally, Two Sigma Investments LP acquired a new stake in Galecto in the third quarter valued at approximately $76,000. 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.