Zacks Investment Research Lowers Galectin Therapeutics Inc. (GALT) to Hold
Galectin Therapeutics Inc. (NASDAQ:GALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Galectin Therapeutics Inc. is a drug development company engaged in the development new therapies for fibrotic disease and cancer. The Company uses its carbohydrate technology that targets galectin proteins, the key mediators of biologic and pathologic function. Galectin Therapeutics uses naturally occurring carbohydrate polymers with galactose residues to create complex carbohydrates with specific molecular weights. Galectin Therapeutics, formerly known as Pro-Pharmaceuticals, Inc. is headquartered in Newton, Massachusetts. “
Several other brokerages have also commented on GALT. Roth Capital initiated coverage on shares of Galectin Therapeutics in a report on Friday, July 1st. They issued a “buy” rating on the stock. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Galectin Therapeutics in a report on Thursday, August 4th. Finally, FBR & Co restated a “buy” rating and issued a $12.00 price objective on shares of Galectin Therapeutics in a report on Thursday, August 11th.
Shares of Galectin Therapeutics (NASDAQ:GALT) traded up 1.77% during midday trading on Monday, reaching $1.15. 816,167 shares of the company’s stock traded hands. Galectin Therapeutics has a 1-year low of $1.08 and a 1-year high of $3.25. The firm’s 50-day moving average price is $1.84 and its 200 day moving average price is $1.61. The stock’s market capitalization is $33.67 million.
Galectin Therapeutics (NASDAQ:GALT) last posted its earnings results on Tuesday, August 9th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.04. On average, equities analysts predict that Galectin Therapeutics will post ($0.91) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Galectin Therapeutics by 0.4% in the second quarter. Vanguard Group Inc. now owns 606,537 shares of the company’s stock valued at $892,000 after buying an additional 2,490 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of Galectin Therapeutics during the second quarter valued at $584,000. Finally, BlackRock Fund Advisors increased its stake in shares of Galectin Therapeutics by 33.8% in the second quarter. BlackRock Fund Advisors now owns 78,955 shares of the company’s stock valued at $116,000 after buying an additional 19,967 shares during the last quarter. Hedge funds and other institutional investors own 11.69% of the company’s stock.
Galectin Therapeutics Company Profile
Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions.
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