Zacks Research Upgrades Galectin Therapeutics (NASDAQ:GALT) to Hold

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

Several other analysts also recently commented on the company. Weiss Ratings upgraded Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Wall Street Zen upgraded Galectin Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of Galectin Therapeutics in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.00.

Galectin Therapeutics Stock Up 0.3%

NASDAQ:GALT opened at $3.14 on Tuesday. The company’s 50 day moving average price is $3.56 and its 200-day moving average price is $2.99. Galectin Therapeutics has a 52 week low of $2.03 and a 52 week high of $7.13. The stock has a market cap of $206.79 million, a price-to-earnings ratio of -7.66 and a beta of 0.41.

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

Insider Transactions at Galectin Therapeutics

In other Galectin Therapeutics news, insider Khurram Jamil sold 47,467 shares of the firm’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 $239,233.68. Following the transaction, the insider directly owned 2,037 shares of the company’s stock, valued at approximately $10,266.48. This trade represents a 95.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harold H. Shlevin sold 22,268 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $112,230.72. Following the sale, the director owned 6,500 shares of the company’s stock, valued at approximately $32,760. This represents a 77.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 90,162 shares of company stock worth $438,464. 52.60% of the stock is owned by corporate insiders.

Institutional Trading of Galectin Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in Galectin Therapeutics by 1,197.3% during the fourth quarter. Royal Bank of Canada now owns 6,175 shares of the company’s stock valued at $25,000 after buying an additional 5,699 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Galectin Therapeutics during the 4th quarter worth $43,000. Argyle Capital Partners LLC purchased a new position in shares of Galectin Therapeutics during the 2nd quarter worth $62,000. Cetera Investment Advisers bought a new stake in shares of Galectin Therapeutics during the 4th quarter valued at $59,000. Finally, JPMorgan Chase & Co. grew its position in shares of Galectin Therapeutics by 25.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,470 shares of the company’s stock valued at $66,000 after acquiring an additional 3,133 shares during the period. 11.68% of the stock is currently owned by institutional investors.

Galectin Therapeutics Company Profile

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.