Galecto (NASDAQ:GLTO) Upgraded to Buy at Zacks Investment Research

Galecto (NASDAQ:GLTO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, reports. The firm currently has a $3.25 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 5.86% from the stock’s current price.

According to Zacks, “Galecto Inc. is a clinical stage biotechnology company with advanced programs in fibrosis and cancer centered on galectin-3 and LOXL2. The Company’s pipeline includes an inhaled galectin-3 modulator currently in Phase 2b for the potential treatment of idiopathic pulmonary fibrosis. Galecto Inc. is headquarters in Copenhagen, Denmark. “

Separately, Credit Suisse Group dropped their price objective on Galecto from $12.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, August 6th.

GLTO traded up $0.18 during trading on Thursday, hitting $3.07. The company’s stock had a trading volume of 124,098 shares, compared to its average volume of 408,311. Galecto has a twelve month low of $2.84 and a twelve month high of $17.22. The business’s fifty day simple moving average is $3.59 and its 200 day simple moving average is $4.35.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings data on Thursday, November 4th. The company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.06. Equities research analysts forecast that Galecto will post -2.12 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Galecto in the third quarter valued at approximately $37,000. Two Sigma Advisers LP purchased a new position in Galecto during the third quarter worth approximately $874,000. Two Sigma Investments LP purchased a new position in Galecto during the third quarter worth approximately $547,000. Millennium Management LLC purchased a new position in Galecto during the third quarter worth approximately $299,000. Finally, Renaissance Technologies LLC lifted its position in Galecto by 159.2% during the third quarter. Renaissance Technologies LLC now owns 102,900 shares of the company’s stock worth $369,000 after buying an additional 63,200 shares in the last quarter. Institutional investors and hedge funds own 45.12% of the company’s stock.

Galecto Company Profile

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB0139, an inhaled inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung.

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