Insider Selling: Galectin Therapeutics (NASDAQ:GALT) Major Shareholder Sells 30,000 Shares of Stock

Galectin Therapeutics Inc. (NASDAQ:GALT) major shareholder Fund L.P. 10X sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $5.47, for a total value of $164,100.00. Following the sale, the insider directly owned 5,802,207 shares of the company’s stock, valued at $31,738,072.29. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Fund L.P. 10X also recently made the following trade(s):

• On Wednesday, December 3rd, Fund L.P. 10X sold 120,000 shares of Galectin Therapeutics stock. The shares were sold at an average price of $5.73, for a total transaction of $687,600.00.
• On Wednesday, October 22nd, Fund L.P. 10X sold 50,000 shares of Galectin Therapeutics stock. The stock was sold at an average price of $4.94, for a total transaction of $247,000.00.

Galectin Therapeutics Stock Up 10.5%

Shares of GALT traded up $0.60 during trading on Thursday, reaching $6.30. 718,834 shares of the company traded hands, compared to its average volume of 388,309. The stock has a 50-day simple moving average of $5.22 and a 200-day simple moving average of $3.80. The stock has a market cap of $406.16 million, a PE ratio of -10.68 and a beta of 0.95. Galectin Therapeutics Inc. has a twelve month low of $0.73 and a twelve month high of $6.55.

Galectin Therapeutics (NASDAQ:GALT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). On average, equities research analysts predict that Galectin Therapeutics Inc. will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Galectin Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Galectin Therapeutics by 101.4% during the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock worth $49,000 after purchasing an additional 19,316 shares during the period. Nuveen LLC acquired a new position in Galectin Therapeutics in the first quarter valued at $34,000. HighTower Advisors LLC raised its holdings in shares of Galectin Therapeutics by 244.1% in the first quarter. HighTower Advisors LLC now owns 77,375 shares of the company’s stock valued at $94,000 after buying an additional 54,889 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Galectin Therapeutics by 8.8% during the first quarter. Geneos Wealth Management Inc. now owns 423,235 shares of the company’s stock worth $516,000 after buying an additional 34,300 shares during the period. Finally, Retirement Guys Formula LLC boosted its stake in shares of Galectin Therapeutics by 2.7% during the second quarter. Retirement Guys Formula LLC now owns 159,593 shares of the company’s stock worth $337,000 after buying an additional 4,250 shares during the period. Hedge funds and other institutional investors own 11.68% of the company’s stock.

Analysts Set New Price Targets

GALT has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Galectin Therapeutics in a report on Thursday, August 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Galectin Therapeutics in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.00.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. Its lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, that is in Phase 2b/3 clinical trial, to prevent esophageal varices in patient with non-alcoholic steatohepatitis (NASH) cirrhosis; and Phase 2 clinical trial for the treatment of liver fibrosis, as well as severe skin disease, and melanoma and head and neck squamous cell carcinoma.