Galecto (NASDAQ:GLTO) Coverage Initiated by Analysts at UBS Group

Equities researchers at UBS Group initiated coverage on shares of Galecto (NASDAQ:GLTO) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating and a $45.00 price target on the stock. UBS Group’s price objective would suggest a potential upside of 54.53% from the company’s previous close.

GLTO has been the topic of a number of other research reports. Leerink Partners started coverage on Galecto in a research report on Wednesday, January 7th. They set an “outperform” rating and a $46.00 price target on the stock. Guggenheim reissued a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Galecto in a report on Tuesday. Zacks Research upgraded Galecto to a “hold” rating in a research report on Friday, January 9th. Wall Street Zen upgraded Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Lifesci Capital upgraded shares of Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Galecto has a consensus rating of “Moderate Buy” and an average price target of $43.67.

Galecto Price Performance

NASDAQ GLTO opened at $29.12 on Tuesday. The company’s fifty day moving average is $25.90 and its two-hundred day moving average is $14.86. Galecto has a 52-week low of $2.01 and a 52-week high of $38.33. The firm has a market capitalization of $46.59 million, a price-to-earnings ratio of -2.41 and a beta of 1.42.

Hedge Funds Weigh In On Galecto

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC purchased a new position in shares of Galecto during the 4th quarter worth about $266,000. Virtu Financial LLC acquired a new stake in Galecto during the 3rd quarter worth about $49,000. Sigma Planning Corp purchased a new position in shares of Galecto during the 4th quarter valued at about $334,000. Two Sigma Investments LP acquired a new position in shares of Galecto in the third quarter worth about $76,000. Finally, Connective Capital Management LLC purchased a new position in Galecto during the third quarter valued at $100,000. 14.20% of the stock is owned by institutional investors.

Galecto Company Profile

Galecto Inc is a clinical‐stage biotechnology company developing small‐molecule therapies that target key pathways involved in fibrotic and malignant diseases. The company’s research focuses on inhibiting galectin‐3, an extracellular carbohydrate‐binding protein implicated in inflammation, fibrosis and tumor progression, as well as lysyl oxidase‐like 2 (LOXL2), an enzyme that crosslinks collagen and elastin in fibrotic tissue.

Its lead programs include GB0139, an inhaled galectin‐3 inhibitor in Phase II trials for idiopathic pulmonary fibrosis and other fibrosing lung diseases, and GB1211, an oral galectin‐3 inhibitor being evaluated for systemic fibrotic disorders.