Galecto (NASDAQ:GLTO) Upgraded at Leerink Partnrs

Galecto (NASDAQ:GLTO) was upgraded by investment analysts at Leerink Partnrs to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Guggenheim boosted their target price on shares of Galecto from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. Leerink Partners assumed coverage on shares of Galecto in a report on Wednesday. They issued an “outperform” rating and a $46.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Galecto in a research report on Monday, December 29th. Finally, Wall Street Zen raised Galecto from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Galecto has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Galecto Price Performance

Shares of GLTO stock opened at $20.37 on Wednesday. Galecto has a fifty-two week low of $2.01 and a fifty-two week high of $38.33. The stock’s 50-day moving average is $21.73 and its two-hundred day moving average is $10.62. The firm has a market cap of $32.59 million, a P/E ratio of -1.68 and a beta of 1.42.

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

Institutional Investors Weigh In On Galecto

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

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.