Galectin Therapeutics Inc. (NASDAQ:GALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Galectin Therapeutics Inc. is a drug development company engaged in the development new therapies for fibrotic disease and cancer. The Company uses its carbohydrate technology that targets galectin proteins, the key mediators of biologic and pathologic function. Galectin Therapeutics uses naturally occurring carbohydrate polymers with galactose residues to create complex carbohydrates with specific molecular weights. Galectin Therapeutics, formerly known as Pro-Pharmaceuticals, Inc. is headquartered in Newton, Massachusetts. “

A number of other research analysts have also weighed in on the company. HC Wainwright raised Galectin Therapeutics from a “neutral” rating to a “buy” rating and set a $3.50 target price on the stock in a report on Thursday, March 30th. FBR & Co reissued a “market perform” rating and set a $2.00 target price on shares of Galectin Therapeutics in a report on Monday, April 3rd.

Galectin Therapeutics (GALT) traded down 4.58% during midday trading on Tuesday, hitting $2.29. The stock had a trading volume of 150,549 shares. Galectin Therapeutics has a 1-year low of $0.49 and a 1-year high of $3.68. The firm has a 50-day moving average price of $2.42 and a 200-day moving average price of $2.12. The firm’s market capitalization is $79.39 million.

Galectin Therapeutics (NASDAQ:GALT) last posted its earnings results on Monday, May 15th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. On average, equities research analysts anticipate that Galectin Therapeutics will post ($0.56) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its position in shares of Galectin Therapeutics by 30.9% in the first quarter. US Bancorp DE now owns 118,921 shares of the company’s stock worth $274,000 after buying an additional 28,087 shares in the last quarter. Buckingham Asset Management LLC purchased a new position in shares of Galectin Therapeutics during the first quarter worth approximately $115,000. Cutter & CO Brokerage Inc. raised its position in shares of Galectin Therapeutics by 57.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 56,600 shares of the company’s stock worth $130,000 after buying an additional 20,600 shares in the last quarter. Finally, KCG Holdings Inc. raised its position in shares of Galectin Therapeutics by 1.9% in the first quarter. KCG Holdings Inc. now owns 86,195 shares of the company’s stock worth $198,000 after buying an additional 1,592 shares in the last quarter. 11.37% of the stock is currently owned by hedge funds and other institutional investors.

About Galectin Therapeutics

Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions.

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