UBS Group Begins Coverage on Galecto (NASDAQ:GLTO)

Equities research analysts at UBS Group assumed coverage on shares of Galecto (NASDAQ:GLTO) in a report issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. UBS Group’s price target suggests a potential upside of 47.54% from the stock’s current price.

Several other research firms also recently commented on GLTO. Guggenheim reaffirmed a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Galecto in a research note on Tuesday. Leerink Partners started coverage on shares of Galecto in a research note on Wednesday, January 7th. They set an “outperform” rating and a $46.00 target price on the stock. Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. Finally, Lifesci Capital upgraded shares of Galecto to a “strong-buy” rating in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Galecto has a consensus rating of “Moderate Buy” and an average price target of $43.67.

Galecto Trading Up 2.0%

GLTO opened at $30.50 on Tuesday. Galecto has a 1-year low of $2.01 and a 1-year high of $38.33. The firm’s 50 day simple moving average is $25.96 and its two-hundred day simple moving average is $15.16. The company has a market capitalization of $48.80 million, a PE ratio of -2.52 and a beta of 1.42.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC purchased a new stake in shares of Galecto in the fourth quarter worth about $40,000. Virtu Financial LLC bought a new stake in Galecto in the 3rd quarter worth approximately $49,000. Two Sigma Investments LP purchased a new stake in shares of Galecto during the 3rd quarter worth approximately $76,000. Connective Capital Management LLC bought a new position in shares of Galecto during the 3rd quarter valued at approximately $100,000. Finally, Geode Capital Management LLC purchased a new position in shares of Galecto in the fourth quarter valued at $266,000. Hedge funds and other institutional investors own 14.20% of the company’s stock.

About Galecto

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.