Galectin Therapeutics (NASDAQ:GALT) Stock Passes Above 200 Day Moving Average – Time to Sell?

Galectin Therapeutics Inc. (NASDAQ:GALT) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.99 and traded as high as $3.60. Galectin Therapeutics shares last traded at $3.24, with a volume of 403,293 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on GALT. Wall Street Zen upgraded Galectin Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Zacks Research lowered shares of Galectin Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Weiss Ratings raised shares of Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a 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 report on Tuesday, June 23rd. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $11.00.

Galectin Therapeutics Price Performance

The business’s fifty day moving average price is $3.47 and its 200-day moving average price is $2.99. The stock has a market capitalization of $195.60 million, a PE ratio of -7.24 and a beta of 0.35.

Galectin Therapeutics (NASDAQ:GALT) last posted its earnings results on Friday, May 15th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). On average, analysts expect that Galectin Therapeutics Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Galectin Therapeutics

In other news, insider Khurram Jamil sold 47,467 shares of Galectin Therapeutics stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $5.04, for a total transaction of $239,233.68. Following the completion of the sale, the insider owned 2,037 shares in the company, valued at approximately $10,266.48. This trade represents a 95.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harold H. Shlevin sold 22,268 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $112,230.72. Following the transaction, the director directly owned 6,500 shares of the company’s stock, valued at $32,760. The trade was a 77.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 90,162 shares of company stock valued at $438,464 in the last three months. 52.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galectin Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of GALT. Bank of America Corp DE increased its holdings in shares of Galectin Therapeutics by 101.4% in the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock worth $49,000 after buying an additional 19,316 shares during the last quarter. XTX Topco Ltd increased its stake in Galectin Therapeutics by 226.6% in the second quarter. XTX Topco Ltd now owns 42,805 shares of the company’s stock valued at $90,000 after acquiring an additional 29,699 shares during the last quarter. Marshall Wace LLP purchased a new stake in Galectin Therapeutics during the second quarter valued at about $64,000. Vivaldi Capital Management LP lifted its stake in Galectin Therapeutics by 210.0% during the second quarter. Vivaldi Capital Management LP now owns 172,443 shares of the company’s stock worth $364,000 after purchasing an additional 116,815 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Galectin Therapeutics in the 2nd quarter worth about $1,580,000. Hedge funds and other institutional investors 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.