Zacks Research Downgrades Galectin Therapeutics (NASDAQ:GALT) to Strong Sell

Galectin Therapeutics (NASDAQ:GALT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other research firms have also recently weighed in on GALT. Wall Street Zen upgraded shares of Galectin Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Weiss Ratings upgraded Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of Galectin Therapeutics in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Galectin Therapeutics presently has a consensus rating of “Reduce” and an average price target of $11.00.

Galectin Therapeutics Stock Performance

NASDAQ:GALT opened at $5.34 on Monday. Galectin Therapeutics has a 52 week low of $2.03 and a 52 week high of $7.13. The firm has a 50-day moving average price of $3.09 and a two-hundred day moving average price of $3.00. The firm has a market cap of $351.69 million, a price-to-earnings ratio of -13.02 and a beta of 0.35.

Galectin Therapeutics (NASDAQ:GALT) last released its earnings results on Friday, May 15th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). As a group, sell-side analysts forecast that Galectin Therapeutics will post -0.37 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Galectin Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position 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 worth $49,000 after purchasing an additional 19,316 shares during the period. XTX Topco Ltd boosted its holdings in shares of Galectin Therapeutics by 226.6% during the second quarter. XTX Topco Ltd now owns 42,805 shares of the company’s stock worth $90,000 after purchasing an additional 29,699 shares during the period. Marshall Wace LLP bought a new stake in shares of Galectin Therapeutics in the second quarter worth about $64,000. Vivaldi Capital Management LP raised its position in Galectin Therapeutics by 210.0% during the 2nd quarter. Vivaldi Capital Management LP now owns 172,443 shares of the company’s stock valued at $364,000 after purchasing an additional 116,815 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in Galectin Therapeutics during the 2nd quarter valued at $1,580,000. 11.68% of the stock is currently owned by hedge funds and other institutional investors.

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.