Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 17.4% in February

Galecto, Inc. (NASDAQ:GLTO) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 325,076 shares, an increase of 17.4% from the February 12th total of 277,004 shares. Currently, 22.7% of the company’s stock are sold short. Based on an average trading volume of 288,692 shares, the short-interest ratio is presently 1.1 days. Based on an average trading volume of 288,692 shares, the short-interest ratio is presently 1.1 days. Currently, 22.7% of the company’s stock are sold short.

Galecto Stock Down 0.7%

Shares of NASDAQ:GLTO traded down $0.19 on Monday, reaching $28.50. 231,443 shares of the company’s stock were exchanged, compared to its average volume of 422,245. The firm has a market capitalization of $45.51 million, a price-to-earnings ratio of -2.36 and a beta of 1.42. Galecto has a fifty-two week low of $2.01 and a fifty-two week high of $38.33. The business’s 50-day moving average is $26.72 and its two-hundred day moving average is $18.54.

Institutional Investors Weigh In On Galecto

Institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC bought a new position in Galecto in the fourth quarter worth about $40,000. Virtu Financial LLC acquired a new position in Galecto in the third quarter valued at approximately $49,000. Two Sigma Investments LP bought a new position in shares of Galecto during the third quarter valued at approximately $76,000. Connective Capital Management LLC bought a new position in shares of Galecto during the third quarter valued at approximately $100,000. Finally, Geode Capital Management LLC acquired a new stake in shares of Galecto during the 4th quarter worth approximately $266,000. Institutional investors and hedge funds own 14.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GLTO shares. Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Leerink Partners assumed coverage on Galecto in a report on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 price objective for the company. UBS Group initiated coverage on Galecto in a research note on Tuesday, February 17th. They set a “buy” rating and a $45.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Finally, Zacks Research upgraded Galecto to a “hold” rating in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.67.

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.