Galectin Therapeutics (NASDAQ:GALT) Stock Passes Above 200-Day Moving Average – Here’s Why

Galectin Therapeutics Inc. (NASDAQ:GALT) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.00 and traded as high as $3.87. Galectin Therapeutics shares last traded at $3.50, with a volume of 494,190 shares.

Wall Street Analysts Forecast Growth

GALT has been the topic of several research reports. Weiss Ratings raised shares of Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Zacks Research cut shares of Galectin Therapeutics from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 target price on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. Finally, Wall Street Zen upgraded shares of Galectin Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $11.00.

Galectin Therapeutics Stock Performance

The company has a market cap of $230.51 million, a price-to-earnings ratio of -8.54 and a beta of 0.35. The business has a 50-day simple moving average of $3.32 and a 200-day simple moving average of $3.00.

Galectin Therapeutics (NASDAQ:GALT) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Research analysts anticipate that Galectin Therapeutics Inc. will post -0.37 EPS for the current year.

Insider Activity

In other news, insider Khurram Jamil sold 47,467 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $239,233.68. Following the completion of the sale, the insider directly owned 2,037 shares of the company’s stock, valued at approximately $10,266.48. This represents a 95.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harold H. Shlevin sold 22,268 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $5.04, for a total transaction of $112,230.72. Following the completion of the sale, the director directly owned 6,500 shares of the company’s stock, valued at $32,760. The trade was a 77.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 90,162 shares of company stock valued at $438,464 over the last three months. Company insiders own 52.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GALT. Royal Bank of Canada lifted its position in shares of Galectin Therapeutics by 1,197.3% during the 4th quarter. Royal Bank of Canada now owns 6,175 shares of the company’s stock valued at $25,000 after acquiring an additional 5,699 shares during the period. Invesco Ltd. acquired a new stake in shares of Galectin Therapeutics in the 4th quarter worth approximately $43,000. Bank of America Corp DE increased its stake in Galectin Therapeutics by 101.4% in the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock valued at $49,000 after purchasing an additional 19,316 shares in the last quarter. Cetera Investment Advisers purchased a new position in Galectin Therapeutics in the 4th quarter valued at approximately $59,000. Finally, Hudson Bay Capital Management LP acquired a new position in Galectin Therapeutics during the third quarter worth $63,000. 11.68% of the stock is currently owned by institutional investors and hedge funds.

About Galectin Therapeutics

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company’s lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.