Galectin Therapeutics (NASDAQ:GALT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Galectin Therapeutics (NASDAQ:GALT) from a hold rating to a strong sell rating in a research report released on Monday,Zacks.com reports.

GALT has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Galectin Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Weiss Ratings upgraded Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Finally, HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $11.00.

Galectin Therapeutics Stock Performance

Shares of Galectin Therapeutics stock opened at $5.34 on Monday. The company has a market cap of $351.69 million, a P/E ratio of -13.02 and a beta of 0.35. Galectin Therapeutics has a one year low of $2.03 and a one year high of $7.13. The firm has a fifty day moving average of $3.09 and a two-hundred day moving average of $3.00.

Galectin Therapeutics (NASDAQ:GALT) last released its earnings results on Friday, May 15th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). As a group, equities analysts predict that Galectin Therapeutics will post -0.37 earnings per share for the current year.

Insider Activity

In other Galectin Therapeutics news, Director Harold H. Shlevin sold 22,268 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $112,230.72. Following the completion of the transaction, the director directly owned 6,500 shares of the company’s stock, valued at approximately $32,760. This trade represents a 77.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Khurram Jamil sold 47,467 shares of Galectin Therapeutics stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $5.04, for a total transaction of $239,233.68. Following the sale, the insider owned 2,037 shares of the company’s stock, valued at approximately $10,266.48. The trade was a 95.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 90,162 shares of company stock valued at $438,464 in the last quarter. Company insiders own 52.60% of the company’s stock.

Institutional Investors Weigh In On Galectin Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in Galectin Therapeutics by 1,197.3% during the fourth quarter. Royal Bank of Canada now owns 6,175 shares of the company’s stock worth $25,000 after purchasing an additional 5,699 shares during the last quarter. Invesco Ltd. acquired a new stake in Galectin Therapeutics in the fourth quarter valued at $43,000. Bank of America Corp DE increased its position in shares of Galectin Therapeutics by 101.4% in the fourth quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock valued at $49,000 after buying an additional 19,316 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Galectin Therapeutics in the fourth quarter valued at $59,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Galectin Therapeutics during the 3rd quarter worth $63,000. Institutional investors and hedge funds own 11.68% of the company’s stock.

About Galectin Therapeutics

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company’s lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.