Galecto (NASDAQ:GLTO) Now Covered by Leerink Partners

Stock analysts at Leerink Partners started coverage on shares of Galecto (NASDAQ:GLTO) in a research report issued on Wednesday. The brokerage set an “outperform” rating and a $46.00 price target on the stock. Leerink Partners’ target price would suggest a potential upside of 110.62% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Galecto in a research note on Monday, December 29th. Wall Street Zen upgraded Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Guggenheim lifted their price objective on shares of Galecto from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Galecto currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Galecto Stock Up 2.7%

Shares of NASDAQ:GLTO opened at $21.84 on Wednesday. The firm has a fifty day simple moving average of $21.20 and a two-hundred day simple moving average of $10.48. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The stock has a market capitalization of $34.94 million, a P/E ratio of -1.80 and a beta of 1.42.

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

Institutional Investors Weigh In On Galecto

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLTO. Connective Capital Management LLC purchased a new position in shares of Galecto during the third quarter worth approximately $100,000. Virtu Financial LLC bought a new position in Galecto in the third quarter worth approximately $49,000. Finally, Two Sigma Investments LP purchased a new position in Galecto during the 3rd quarter worth $76,000. Institutional investors own 14.20% of the company’s stock.

Galecto Company Profile

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.