Galectin Therapeutics (NASDAQ:GALT) Announces Earnings Results

Galectin Therapeutics (NASDAQ:GALT) announced its quarterly earnings results on Friday. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05), FiscalAI reports.

Galectin Therapeutics Stock Down 2.5%

Shares of NASDAQ GALT traded down $0.09 during mid-day trading on Friday, hitting $3.44. 388,201 shares of the company were exchanged, compared to its average volume of 470,796. The firm has a market cap of $226.56 million, a price-to-earnings ratio of -8.39 and a beta of 0.41. Galectin Therapeutics has a 1-year low of $2.03 and a 1-year high of $7.13. The stock has a 50 day simple moving average of $3.58 and a 200-day simple moving average of $2.99.

Insider Activity at Galectin Therapeutics

In other Galectin Therapeutics news, insider Khurram Jamil sold 47,467 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $239,233.68. Following the completion of the sale, the insider owned 2,037 shares of the company’s stock, valued at approximately $10,266.48. This trade represents a 95.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harold H. Shlevin sold 22,268 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $5.04, for a total transaction of $112,230.72. Following the sale, the director owned 6,500 shares in the company, valued at $32,760. The trade was a 77.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 90,162 shares of company stock worth $438,464 in the last quarter. 52.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Galectin Therapeutics by 2.9% in the 3rd quarter. Vanguard Group Inc. now owns 2,247,967 shares of the company’s stock worth $9,520,000 after acquiring an additional 63,419 shares during the period. Jane Street Group LLC acquired a new position in Galectin Therapeutics during the second quarter worth about $1,580,000. Marshall Wace LLP lifted its holdings in shares of Galectin Therapeutics by 8.6% in the fourth quarter. Marshall Wace LLP now owns 602,134 shares of the company’s stock valued at $2,505,000 after purchasing an additional 47,873 shares in the last quarter. Wealthspire Advisors LLC grew its position in shares of Galectin Therapeutics by 25.5% in the fourth quarter. Wealthspire Advisors LLC now owns 601,973 shares of the company’s stock valued at $2,504,000 after purchasing an additional 122,455 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of Galectin Therapeutics by 13.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 334,096 shares of the company’s stock worth $1,390,000 after purchasing an additional 39,195 shares in the last quarter. 11.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GALT. Weiss Ratings raised Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of Galectin Therapeutics in a report on Tuesday, June 23rd. Zacks Research upgraded Galectin Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Finally, Wall Street Zen raised Galectin Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.00.

Galectin Therapeutics Company Profile

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company’s lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.