Guggenheim Issues Positive Forecast for Galecto (NASDAQ:GLTO) Stock Price

Galecto (NASDAQ:GLTO) had its price target hoisted by research analysts at Guggenheim from $32.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target would indicate a potential upside of 31.10% from the company’s previous close.

Several other analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Galecto from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Galecto in a research report on Monday, December 1st. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Galecto currently has a consensus rating of “Hold” and a consensus price target of $36.00.

Galecto Stock Up 20.0%

Shares of Galecto stock opened at $27.46 on Monday. Galecto has a 52 week low of $2.01 and a 52 week high of $33.60. The business has a 50 day moving average price of $13.10 and a 200-day moving average price of $6.78. The company has a market cap of $36.52 million, a PE ratio of -2.27 and a beta of 1.38.

Galecto (NASDAQ:GLTO) last announced its earnings results on Thursday, November 6th. The company reported ($2.36) earnings per share (EPS) for the quarter. As a group, research analysts anticipate that Galecto will post -15.91 EPS for the current year.

Institutional Investors Weigh In On Galecto

A number of hedge funds have recently made changes to their positions in GLTO. Virtu Financial LLC purchased a new position in Galecto in the 3rd quarter valued at approximately $49,000. Two Sigma Investments LP purchased a new stake in shares of Galecto during the third quarter worth $76,000. Finally, Connective Capital Management LLC bought a new position in shares of Galecto in the third quarter worth $100,000. 14.20% of the stock is currently owned by institutional investors.

Galecto Company Profile

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.