Galecto (NASDAQ:GLTO) Announces Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Galecto (NASDAQ:GLTO) announced its quarterly earnings data on Monday. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.16, Zacks reports.

Galecto Stock Up 1.6 %

Shares of NASDAQ:GLTO traded up $0.01 during midday trading on Wednesday, hitting $0.55. The stock had a trading volume of 25,806 shares, compared to its average volume of 189,301. The company’s 50-day moving average price is $0.52 and its 200-day moving average price is $0.64. The company has a market capitalization of $14.91 million, a P/E ratio of -0.47 and a beta of 1.17. Galecto has a fifty-two week low of $0.46 and a fifty-two week high of $1.08.

Analysts Set New Price Targets

Separately, Oppenheimer dropped their price objective on shares of Galecto from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.33.

About Galecto

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 GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.