Short Interest in Galecto, Inc. (NASDAQ:GLTO) Grows By 97.9%

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 9,500 shares, an increase of 97.9% from the October 31st total of 4,800 shares. Based on an average daily trading volume, of 39,900 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer lifted their target price on Galecto from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th.

Galecto Stock Performance

Shares of GLTO stock traded down $0.21 during mid-day trading on Friday, reaching $5.30. 29,074 shares of the company’s stock traded hands, compared to its average volume of 16,691. The firm has a market capitalization of $7.00 million, a PE ratio of -0.28 and a beta of 1.24. Galecto has a 12 month low of $5.30 and a 12 month high of $23.50. The firm has a 50 day moving average price of $7.72 and a two-hundred day moving average price of $11.38.

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.