Galecto, Inc. (NASDAQ:GLTO) Given Consensus Recommendation of “Moderate Buy” by Analysts

Galecto, Inc. (NASDAQ:GLTO) has been given an average rating of “Moderate Buy” by the five ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $41.00.

A number of equities analysts have weighed in on GLTO shares. Leerink Partnrs upgraded shares of Galecto to a “strong-buy” rating in a research report on Wednesday, January 7th. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Leerink Partners began coverage on Galecto in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $46.00 price target for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Finally, Guggenheim upped their price objective on Galecto from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Monday, December 8th.

Galecto Stock Up 6.4%

NASDAQ GLTO opened at $21.82 on Tuesday. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The company has a market capitalization of $34.91 million, a P/E ratio of -1.80 and a beta of 1.42. The stock’s 50-day moving average price is $22.30 and its 200-day moving average price is $10.97.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($2.36) earnings per share (EPS) for the quarter. Research analysts anticipate that Galecto will post -15.91 EPS for the current year.

Institutional Investors Weigh In On Galecto

Institutional investors have recently added to or reduced their stakes in the stock. Connective Capital Management LLC purchased a new position in Galecto in the third quarter worth about $100,000. Two Sigma Investments LP purchased a new position in shares of Galecto in the 3rd quarter worth approximately $76,000. Finally, Virtu Financial LLC bought a new position in shares of Galecto during the 3rd quarter valued at approximately $49,000. 14.20% of the stock is owned by hedge funds and other institutional investors.

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.