Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 86.6% in February

Galecto, Inc. (NASDAQ:GLTO) saw a significant growth in short interest during the month of February. As of February 13th, there was short interest totaling 277,004 shares, a growth of 86.6% from the January 29th total of 148,474 shares. Based on an average trading volume of 462,288 shares, the short-interest ratio is presently 0.6 days. Approximately 19.4% of the shares of the stock are short sold. Approximately 19.4% of the shares of the stock are short sold. Based on an average trading volume of 462,288 shares, the short-interest ratio is presently 0.6 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLTO. Guggenheim reissued a “buy” rating and set a $40.00 price objective (up from $36.00) on shares of Galecto in a report on Tuesday, February 17th. Lifesci Capital raised shares of Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Zacks Research upgraded shares of 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 research report on Saturday, December 6th. Finally, UBS Group started coverage on Galecto in a research note on Tuesday, February 17th. They issued a “buy” rating and a $45.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.67.

Galecto Stock Down 0.7%

NASDAQ GLTO traded down $0.20 on Friday, reaching $29.58. The company had a trading volume of 171,474 shares, compared to its average volume of 372,330. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The stock’s 50 day moving average is $26.20 and its 200-day moving average is $16.39. The stock has a market cap of $47.24 million, a price-to-earnings ratio of -2.44 and a beta of 1.42.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GLTO. Janus Henderson Group PLC acquired a new stake in Galecto in the fourth quarter worth $40,000. Geode Capital Management LLC bought a new stake in shares of Galecto in the 4th quarter valued at $266,000. Virtu Financial LLC acquired a new stake in Galecto during the 3rd quarter worth $49,000. Sigma Planning Corp bought a new position in Galecto during the fourth quarter worth about $334,000. Finally, Two Sigma Investments LP bought a new position in Galecto during the third quarter worth about $76,000. Institutional investors and hedge funds own 14.20% of the company’s stock.

About Galecto

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.