Galecto, Inc. (NASDAQ:GLTO) Receives $41.00 Average Price Target from Analysts

Galecto, Inc. (NASDAQ:GLTO) has been assigned an average rating of “Moderate Buy” from the five analysts that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $41.00.

A number of research analysts have weighed in on GLTO shares. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a research note on Monday, December 29th. Leerink Partners started coverage on shares of Galecto in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 target price for the company. Zacks Research raised shares of Galecto to a “hold” rating in a research report on Friday, January 9th. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Lifesci Capital upgraded shares of Galecto to a “strong-buy” rating in a research note on Monday, February 2nd.

Institutional Trading of Galecto

A number of hedge funds have recently made changes to their positions in the business. Two Sigma Investments LP acquired a new position in shares of Galecto during the 3rd quarter worth approximately $76,000. Virtu Financial LLC bought a new position in Galecto during the third quarter worth $49,000. Connective Capital Management LLC acquired a new position in shares of Galecto in the third quarter valued at $100,000. Sigma Planning Corp bought a new position in shares of Galecto in the fourth quarter valued at about $334,000. Finally, Geode Capital Management LLC acquired a new stake in shares of Galecto during the 4th quarter worth about $266,000. 14.20% of the stock is owned by institutional investors and hedge funds.

Galecto Price Performance

Galecto stock opened at $24.00 on Friday. The company has a market cap of $38.40 million, a price-to-earnings ratio of -1.98 and a beta of 1.42. The firm has a 50-day moving average of $25.62 and a 200-day moving average of $14.06. Galecto has a one year low of $2.01 and a one year high of $38.33.

About Galecto

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.