Galecto (NASDAQ:GLTO) Shares Down 1.9%

Shares of Galecto, Inc. (NASDAQ:GLTO) fell 1.9% during trading on Wednesday . The stock traded as low as $0.65 and last traded at $0.67. 60,222 shares traded hands during trading, a decline of 75% from the average session volume of 238,462 shares. The stock had previously closed at $0.69.

Galecto Trading Down 1.9 %

The company’s fifty day moving average is $0.73 and its 200 day moving average is $0.67. The company has a market cap of $18.29 million, a P/E ratio of -0.47 and a beta of 1.24.

Galecto (NASDAQ:GLTO) last released its earnings results on Friday, March 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.08. Analysts anticipate that Galecto, Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Galecto

Several institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its position in Galecto by 6.3% during the 2nd quarter. Renaissance Technologies LLC now owns 165,861 shares of the company’s stock valued at $418,000 after buying an additional 9,761 shares during the period. Susquehanna International Group LLP boosted its position in Galecto by 31.3% during the 1st quarter. Susquehanna International Group LLP now owns 63,037 shares of the company’s stock valued at $125,000 after buying an additional 15,016 shares during the period. Charles Schwab Investment Management Inc. purchased a new stake in Galecto during the 2nd quarter valued at $40,000. Federated Hermes Inc. lifted its position in shares of Galecto by 50.0% in the 3rd quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock worth $113,000 after purchasing an additional 20,000 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Galecto by 48.9% in the 3rd quarter. Vanguard Group Inc. now owns 217,300 shares of the company’s stock worth $156,000 after purchasing an additional 71,342 shares during the period. Institutional investors own 14.20% of the company’s stock.

Galecto Company Profile

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB0139, an inhaled small molecule inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung; GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.