Galecto (NASDAQ:GLTO) Stock Price Down 1.9%

Galecto, Inc. (NASDAQ:GLTO) shares traded down 1.9% on Wednesday . The company traded as low as $0.65 and last traded at $0.67. 60,222 shares changed hands during trading, a decline of 75% from the average session volume of 238,462 shares. The stock had previously closed at $0.69.

Galecto Stock Performance

The business’s 50 day moving average price is $0.74 and its two-hundred day moving average price is $0.67.

Galecto (NASDAQ:GLTO) last issued its earnings results on Friday, March 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.08. On average, sell-side analysts forecast that Galecto, Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Galecto

A number of hedge funds have recently modified their holdings of GLTO. Charles Schwab Investment Management Inc. bought a new position in shares of Galecto during the second quarter worth $40,000. Federated Hermes Inc. increased its stake in Galecto by 50.0% in the 3rd quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock worth $113,000 after buying an additional 20,000 shares during the period. Susquehanna International Group LLP increased its stake in Galecto by 31.3% in the 1st quarter. Susquehanna International Group LLP now owns 63,037 shares of the company’s stock worth $125,000 after buying an additional 15,016 shares during the period. Vanguard Group Inc. increased its position in Galecto by 48.9% during the 3rd quarter. Vanguard Group Inc. now owns 217,300 shares of the company’s stock valued at $156,000 after purchasing an additional 71,342 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Galecto by 6.3% in the 2nd quarter. Renaissance Technologies LLC now owns 165,861 shares of the company’s stock valued at $418,000 after buying an additional 9,761 shares in the last quarter. 14.20% of the stock is currently owned by institutional investors.

Galecto Company Profile

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB0139, an inhaled small molecule inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung; GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.