Galecto (NASDAQ:GLTO) Cut to Hold at Zacks Investment Research

Galecto (NASDAQ:GLTO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, reports.

According to Zacks, “Galecto Inc. is a clinical stage biotechnology company with advanced programs in fibrosis and cancer centered on galectin-3 and LOXL2. The Company’s pipeline includes an inhaled galectin-3 modulator currently in Phase 2b for the potential treatment of idiopathic pulmonary fibrosis. Galecto Inc. is headquarters in Copenhagen, Denmark. “

Other equities research analysts also recently issued research reports about the stock. Credit Suisse Group reduced their price objective on shares of Galecto from $29.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, March 22nd. SVB Leerink decreased their price target on Galecto from $27.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, March 22nd.

Shares of GLTO stock traded up $0.11 during mid-day trading on Wednesday, hitting $6.08. The stock had a trading volume of 17,591 shares, compared to its average volume of 31,117. The company has a 50-day simple moving average of $8.02. Galecto has a fifty-two week low of $5.77 and a fifty-two week high of $17.99.

Hedge funds have recently added to or reduced their stakes in the stock. Orbimed Advisors LLC acquired a new position in Galecto during the fourth quarter worth about $51,178,000. Janus Henderson Group PLC acquired a new stake in shares of Galecto during the 4th quarter valued at approximately $15,856,000. BlackRock Inc. purchased a new stake in shares of Galecto during the 4th quarter worth approximately $8,192,000. Asymmetry Capital Management L.P. acquired a new stake in shares of Galecto in the 4th quarter worth approximately $4,220,000. Finally, Laurion Capital Management LP purchased a new position in Galecto in the 4th quarter valued at approximately $2,594,000.

Galecto Company Profile

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB0139, an inhaled inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung.

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