Galecto (NASDAQ:GLTO) Coverage Initiated at Leerink Partners

Stock analysts at Leerink Partners initiated coverage on shares of Galecto (NASDAQ:GLTO) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $46.00 price target on the stock. Leerink Partners’ price target indicates a potential upside of 125.82% from the company’s current price.

GLTO has been the topic of a number of other research reports. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. Finally, Guggenheim upped their price target on Galecto from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.00.

Galecto Stock Performance

NASDAQ:GLTO opened at $20.37 on Wednesday. The firm has a market cap of $32.59 million, a price-to-earnings ratio of -1.68 and a beta of 1.42. The firm has a 50-day moving average price of $21.73 and a two-hundred day moving average price of $10.62. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33.

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

Hedge Funds Weigh In On Galecto

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

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.