Galecto Stock Set to Reverse Split on Friday, August 30th (NASDAQ:GLTO)

Shares of Galecto, Inc. (NASDAQ:GLTO) are set to reverse split before the market opens on Friday, August 30th. The 1-25 reverse split was announced on Wednesday, August 28th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, August 29th.

Galecto Trading Down 6.6 %

NASDAQ:GLTO traded down $0.04 during mid-day trading on Wednesday, hitting $0.52. 1,402,291 shares of the company’s stock were exchanged, compared to its average volume of 193,706. The company has a 50 day simple moving average of $0.53 and a 200-day simple moving average of $0.63. Galecto has a fifty-two week low of $0.46 and a fifty-two week high of $0.94. The firm has a market capitalization of $14.10 million, a P/E ratio of -0.46 and a beta of 1.17.

Galecto (NASDAQ:GLTO) last posted its earnings results on Monday, August 12th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.16. As a group, analysts expect that Galecto will post -1.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Oppenheimer cut their target price on shares of Galecto from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th.

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 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.