Galecto (NASDAQ:GLTO) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Galecto (NASDAQ:GLTO) from a buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com 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. “

Separately, Credit Suisse Group decreased their price objective on Galecto from $12.00 to $7.00 and set an outperform rating for the company in a report on Friday, August 6th.

NASDAQ:GLTO opened at $3.07 on Wednesday. Galecto has a twelve month low of $2.84 and a twelve month high of $17.22. The stock’s fifty day simple moving average is $3.61.

Galecto (NASDAQ:GLTO) last released its earnings results on Thursday, November 4th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.06. On average, equities research analysts predict that Galecto will post -2.12 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Galecto in the third quarter valued at about $37,000. XTX Topco Ltd purchased a new position in Galecto in the second quarter valued at about $56,000. Millennium Management LLC grew its stake in Galecto by 18.3% in the first quarter. Millennium Management LLC now owns 82,850 shares of the company’s stock valued at $503,000 after purchasing an additional 12,839 shares during the last quarter. Virtu Financial LLC purchased a new position in Galecto in the second quarter valued at about $65,000. Finally, Goldman Sachs Group Inc. purchased a new position in Galecto in the first quarter valued at about $81,000. Institutional investors own 45.12% of the company’s stock.

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.

Read More: How is Preferred Stock Different from Common Stock?

Get a free copy of the Zacks research report on Galecto (GLTO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Galecto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Galecto and related companies with MarketBeat.com's FREE daily email newsletter.