Galectin Therapeutics (NASDAQ:GALT) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Galectin Therapeutics (NASDAQ:GALT) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of Galectin Therapeutics in a research report on Tuesday, June 23rd. Weiss Ratings upgraded shares of Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Finally, Wall Street Zen upgraded Galectin Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Galectin Therapeutics has a consensus rating of “Hold” and an average price target of $11.00.

Galectin Therapeutics Stock Up 0.3%

GALT opened at $3.14 on Tuesday. The firm has a market cap of $206.79 million, a price-to-earnings ratio of -7.66 and a beta of 0.41. The business’s 50 day moving average is $3.56 and its two-hundred day moving average is $2.99. Galectin Therapeutics has a 52 week low of $2.03 and a 52 week high of $7.13.

Galectin Therapeutics (NASDAQ:GALT) last announced its earnings results on Friday, May 15th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Equities analysts expect that Galectin Therapeutics will post -0.37 EPS for the current fiscal year.

Insider Activity

In other news, insider Khurram Jamil sold 47,467 shares of Galectin Therapeutics stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $239,233.68. Following the transaction, the insider directly owned 2,037 shares of the company’s stock, valued at $10,266.48. The trade was a 95.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harold H. Shlevin sold 22,268 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $32,760. This represents a 77.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 90,162 shares of company stock worth $438,464 over the last ninety days. Corporate insiders own 52.60% of the company’s stock.

Hedge Funds Weigh In On Galectin Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in GALT. Royal Bank of Canada raised its stake in Galectin Therapeutics by 1,197.3% during the fourth quarter. Royal Bank of Canada now owns 6,175 shares of the company’s stock valued at $25,000 after buying an additional 5,699 shares in the last quarter. Invesco Ltd. bought a new stake in shares of Galectin Therapeutics during the 4th quarter worth about $43,000. Bank of America Corp DE lifted its stake in shares of Galectin Therapeutics by 101.4% in the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock worth $49,000 after acquiring an additional 19,316 shares during the period. Cetera Investment Advisers bought a new position in shares of Galectin Therapeutics in the fourth quarter valued at approximately $59,000. Finally, Argyle Capital Partners LLC acquired a new position in shares of Galectin Therapeutics during the second quarter valued at approximately $62,000. 11.68% of the stock is currently owned by hedge funds and other institutional investors.

About Galectin Therapeutics

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.