Galecto, Inc. (NASDAQ:GLTO) Receives $43.67 Consensus Target Price from Brokerages

Galecto, Inc. (NASDAQ:GLTO) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $43.6667.

A number of analysts have recently issued reports on the stock. Lifesci Capital raised shares of Galecto to a “strong-buy” rating in a research note on Monday, February 2nd. Guggenheim reaffirmed a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Galecto in a report on Tuesday, February 17th. Wall Street Zen raised Galecto from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. Finally, UBS Group initiated coverage on Galecto in a research report on Tuesday, February 17th. They set a “buy” rating and a $45.00 target price for the company.

Galecto Trading Up 1.9%

NASDAQ GLTO opened at $28.91 on Wednesday. Galecto has a 12 month low of $2.01 and a 12 month high of $38.33. The stock has a market cap of $46.26 million, a price-to-earnings ratio of -2.39 and a beta of 1.42. The company’s 50 day moving average is $26.12 and its two-hundred day moving average is $17.28.

Hedge Funds Weigh In On Galecto

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC purchased a new position in Galecto during the fourth quarter valued at $40,000. Geode Capital Management LLC bought a new position in shares of Galecto during the 4th quarter valued at about $266,000. Virtu Financial LLC purchased a new position in shares of Galecto during the third quarter valued at about $49,000. Sigma Planning Corp bought a new stake in shares of Galecto in the fourth quarter worth about $334,000. Finally, Two Sigma Investments LP purchased a new stake in shares of Galecto in the third quarter worth about $76,000. Institutional investors 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.