Galecto, Inc. (NASDAQ:GLTO) Sees Large Increase in Short Interest

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 325,076 shares, a growth of 17.4% from the February 12th total of 277,004 shares. Based on an average daily volume of 288,692 shares, the short-interest ratio is currently 1.1 days. Approximately 22.7% of the company’s shares are short sold. Approximately 22.7% of the company’s shares are short sold. Based on an average daily volume of 288,692 shares, the short-interest ratio is currently 1.1 days.

Galecto Stock Down 0.7%

GLTO stock traded down $0.19 during midday trading on Tuesday, reaching $28.50. The company’s stock had a trading volume of 231,443 shares, compared to its average volume of 422,245. The business’s 50-day simple moving average is $26.85 and its 200-day simple moving average is $18.72. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The stock has a market cap of $45.51 million, a PE ratio of -2.36 and a beta of 1.42.

Institutional Investors Weigh In On Galecto

A number of institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC bought a new stake in Galecto in the fourth quarter valued at about $40,000. Virtu Financial LLC bought a new position in Galecto during the third quarter worth about $49,000. Two Sigma Investments LP bought a new position in Galecto during the third quarter worth about $76,000. Connective Capital Management LLC acquired a new position in shares of Galecto during the 3rd quarter worth about $100,000. Finally, Geode Capital Management LLC bought a new stake in shares of Galecto in the 4th quarter valued at about $266,000. 14.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on GLTO. Guggenheim reaffirmed a “buy” rating and set a $40.00 price objective (up from $36.00) on shares of Galecto in a report on Tuesday, February 17th. Wall Street Zen upgraded Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Leerink Partners began coverage on Galecto in a report on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 price target on the stock. UBS Group started coverage on Galecto in a research report on Tuesday, February 17th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Zacks Research raised Galecto to a “hold” rating in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Galecto has an average rating of “Moderate Buy” and an average target price of $43.67.

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.