Galecto (NASDAQ:GLTO) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Galecto (NASDAQ:GLTO) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Other research analysts have also issued research reports about the stock. Guggenheim initiated coverage on shares of Galecto in a research note on Monday, December 1st. They issued a “buy” rating and a $32.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Galecto in a report on Monday, December 1st. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $32.00.

Galecto Price Performance

Shares of Galecto stock opened at $27.46 on Friday. The company has a market capitalization of $36.44 million, a P/E ratio of -2.27 and a beta of 1.40. The business has a 50-day moving average of $13.10 and a two-hundred day moving average of $6.75. Galecto has a 1 year low of $2.01 and a 1 year high of $33.60.

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

Institutional Investors Weigh In On Galecto

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of Galecto during the 3rd quarter worth about $49,000. Two Sigma Investments LP acquired a new stake in shares of Galecto in the third quarter valued at about $76,000. Finally, Connective Capital Management LLC bought a new stake in Galecto during the third quarter worth about $100,000. 14.20% of the stock is owned by institutional investors.

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 GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and 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.