Galecto (NASDAQ:GLTO) Earns Buy Rating from Analysts at Guggenheim

Guggenheim initiated coverage on shares of Galecto (NASDAQ:GLTO) in a research note released on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $32.00 price target on the stock.

A number of other equities analysts also recently issued reports on GLTO. Wall Street Zen downgraded Galecto from a “hold” rating to a “sell” rating in a research report on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galecto in a research note on Monday, November 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Galecto has a consensus rating of “Hold” and a consensus target price of $32.00.

Galecto Stock Performance

GLTO opened at $22.14 on Monday. The company has a fifty day moving average of $12.27 and a two-hundred day moving average of $6.44. The stock has a market capitalization of $29.38 million, a price-to-earnings ratio of -1.83 and a beta of 1.40. Galecto has a fifty-two week low of $2.01 and a fifty-two week high of $33.60.

Galecto (NASDAQ:GLTO) last posted its earnings results on Thursday, November 6th. The company reported ($2.36) EPS for the quarter. On average, equities research analysts forecast that Galecto will post -15.91 earnings per share for the current year.

Institutional Trading of Galecto

Institutional investors have recently made changes to their positions in the company. Connective Capital Management LLC purchased a new stake in shares of Galecto during the third quarter worth approximately $100,000. Two Sigma Investments LP acquired a new stake in Galecto during the 3rd quarter worth $76,000. Finally, Virtu Financial LLC purchased a new stake in shares of Galecto during the third quarter worth $49,000. 14.20% of the stock is owned by institutional investors and hedge funds.

About Galecto

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 GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and 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.