Galecto (NASDAQ:GLTO) Upgraded to Buy at Zacks Investment Research

Galecto (NASDAQ:GLTO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage currently has a $3.25 price target on the stock. Zacks Investment Research‘s target price points to a potential upside of 5.86% from the stock’s current price.

According to Zacks, “Galecto Inc. is a clinical stage biotechnology company with advanced programs in fibrosis and cancer centered on galectin-3 and LOXL2. The Company’s pipeline includes an inhaled galectin-3 modulator currently in Phase 2b for the potential treatment of idiopathic pulmonary fibrosis. Galecto Inc. is headquarters in Copenhagen, Denmark. “

Separately, Credit Suisse Group dropped their price target on Galecto from $12.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, August 6th.

Galecto stock traded up $0.18 during mid-day trading on Thursday, hitting $3.07. The company’s stock had a trading volume of 124,098 shares, compared to its average volume of 408,311. The company has a 50 day moving average of $3.59 and a 200-day moving average of $4.35. Galecto has a one year low of $2.84 and a one year high of $17.22.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings data on Thursday, November 4th. The company reported ($0.50) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.56) by $0.06. As a group, research analysts anticipate that Galecto will post -2.12 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Blueshift Asset Management LLC bought a new position in shares of Galecto during the 2nd quarter worth $128,000. Bridgeway Capital Management LLC purchased a new stake in shares of Galecto during the 2nd quarter worth $1,053,000. XTX Topco Ltd purchased a new stake in shares of Galecto during the 2nd quarter worth $56,000. Millennium Management LLC lifted its stake in shares of Galecto by 18.3% during the 1st quarter. Millennium Management LLC now owns 82,850 shares of the company’s stock worth $503,000 after purchasing an additional 12,839 shares during the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Galecto during the 1st quarter worth $81,000. 45.12% of the stock is currently owned by institutional investors and hedge funds.

About Galecto

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 GB0139, an inhaled inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung.

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