Galecto (NASDAQ:GLTO) Upgraded by Leerink Partnrs to “Strong-Buy” Rating

Leerink Partnrs upgraded shares of Galecto (NASDAQ:GLTO) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

GLTO has been the topic of several other reports. Leerink Partners began coverage on shares of Galecto in a research report on Wednesday. They set an “outperform” rating and a $46.00 price objective on the stock. Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Guggenheim boosted their price objective on shares of Galecto from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Galecto Stock Down 3.0%

GLTO stock opened at $20.37 on Wednesday. The business has a 50 day moving average of $21.73 and a 200 day moving average of $10.62. The firm has a market cap of $32.59 million, a PE ratio of -1.68 and a beta of 1.42. Galecto has a twelve month low of $2.01 and a twelve month high of $38.33.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Connective Capital Management LLC purchased a new stake in Galecto in the third quarter worth approximately $100,000. Two Sigma Investments LP bought a new position in shares of Galecto during the 3rd quarter valued at $76,000. Finally, Virtu Financial LLC purchased a new position in shares of Galecto in the 3rd quarter worth $49,000. 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.