UBS Group Begins Coverage on Galecto (NASDAQ:GLTO)

UBS Group started coverage on shares of Galecto (NASDAQ:GLTO) in a report released on Tuesday. The firm set a “buy” rating and a $45.00 price target on the stock. UBS Group’s price objective suggests a potential upside of 54.53% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Guggenheim reiterated a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Galecto in a research note on Tuesday. Zacks Research upgraded shares of Galecto to a “hold” rating in a research note on Friday, January 9th. Lifesci Capital raised Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Finally, Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.67.

Galecto Stock Performance

Shares of NASDAQ:GLTO opened at $29.12 on Tuesday. The firm has a market cap of $46.59 million, a PE ratio of -2.41 and a beta of 1.42. The firm’s fifty day moving average is $25.90 and its 200-day moving average is $14.86. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of Galecto during the 3rd quarter worth approximately $49,000. Two Sigma Investments LP purchased a new position in Galecto in the 3rd quarter worth approximately $76,000. Connective Capital Management LLC purchased a new stake in shares of Galecto during the third quarter worth about $100,000. Geode Capital Management LLC acquired a new stake in Galecto in the fourth quarter valued at $266,000. Finally, Sigma Planning Corp bought a new stake in shares of Galecto in the 4th quarter valued at approximately $334,000. 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.