Galecto (NASDAQ:GLTO) Shares Down 13.3% – What’s Next?

Galecto, Inc. (NASDAQ:GLTO)’s share price fell 13.3% during trading on Monday . The company traded as low as $29.61 and last traded at $29.61. 82,189 shares changed hands during trading, a decline of 29% from the average session volume of 116,104 shares. The stock had previously closed at $34.14.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GLTO. Guggenheim raised their price objective on Galecto from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Galecto in a report on Monday, December 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Galecto presently has a consensus rating of “Hold” and a consensus target price of $36.00.

Galecto Stock Down 13.3%

The stock has a market capitalization of $47.38 million, a price-to-earnings ratio of -2.45 and a beta of 1.38. The stock has a 50 day moving average price of $19.49 and a 200 day moving average price of $9.68.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($2.36) earnings per share (EPS) for the quarter. Sell-side analysts forecast that Galecto, Inc. will post -15.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Galecto

A number of hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in shares of Galecto in the third quarter worth $49,000. Two Sigma Investments LP acquired a new position in Galecto during the 3rd quarter worth about $76,000. Finally, Connective Capital Management LLC bought a new stake in shares of Galecto in the 3rd quarter valued at about $100,000. Institutional investors and hedge funds own 14.20% of the company’s stock.

Galecto Company Profile

Galecto Inc is a clinical‐stage biotechnology company developing small‐molecule therapies that target key pathways involved in fibrotic and malignant diseases. The company’s research focuses on inhibiting galectin‐3, an extracellular carbohydrate‐binding protein implicated in inflammation, fibrosis and tumor progression, as well as lysyl oxidase‐like 2 (LOXL2), an enzyme that crosslinks collagen and elastin in fibrotic tissue.

Its lead programs include GB0139, an inhaled galectin‐3 inhibitor in Phase II trials for idiopathic pulmonary fibrosis and other fibrosing lung diseases, and GB1211, an oral galectin‐3 inhibitor being evaluated for systemic fibrotic disorders.