Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 86.6% in February

Galecto, Inc. (NASDAQ:GLTO) saw a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 277,004 shares, an increase of 86.6% from the January 29th total of 148,474 shares. Based on an average daily volume of 462,288 shares, the days-to-cover ratio is presently 0.6 days. Currently, 19.4% of the company’s stock are short sold. Currently, 19.4% of the company’s stock are short sold. Based on an average daily volume of 462,288 shares, the days-to-cover ratio is presently 0.6 days.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GLTO shares. Zacks Research raised Galecto to a “hold” rating in a research note on Friday, January 9th. UBS Group started coverage on shares of Galecto in a report on Tuesday, February 17th. They issued a “buy” rating and a $45.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Wall Street Zen raised shares of Galecto from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, Lifesci Capital upgraded Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Galecto currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.67.

Galecto Price Performance

GLTO stock traded down $0.20 during mid-day trading on Friday, reaching $29.58. The company had a trading volume of 171,474 shares, compared to its average volume of 372,330. The company has a market capitalization of $47.24 million, a price-to-earnings ratio of -2.44 and a beta of 1.42. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The stock has a 50 day simple moving average of $26.20 and a two-hundred day simple moving average of $16.39.

Hedge Funds Weigh In On Galecto

A number of institutional investors have recently added to or reduced their stakes in GLTO. Janus Henderson Group PLC bought a new stake in Galecto during the fourth quarter worth $40,000. Virtu Financial LLC acquired a new position in shares of Galecto during the 3rd quarter worth about $49,000. Two Sigma Investments LP bought a new stake in shares of Galecto in the 3rd quarter valued at about $76,000. Connective Capital Management LLC acquired a new stake in Galecto in the 3rd quarter valued at about $100,000. Finally, Geode Capital Management LLC acquired a new stake in Galecto in the 4th quarter valued at about $266,000. 14.20% of the stock is currently owned by institutional investors and hedge funds.

Galecto Company Profile

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.