Galectin Therapeutics (NASDAQ:GALT) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Galectin Therapeutics (NASDAQ:GALT) released its earnings results on Friday. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02), FiscalAI reports.

Galectin Therapeutics Trading Down 7.7%

Shares of GALT traded down $0.18 during midday trading on Friday, reaching $2.17. 366,269 shares of the stock were exchanged, compared to its average volume of 311,814. Galectin Therapeutics has a 52 week low of $1.21 and a 52 week high of $7.13. The company’s 50 day moving average is $2.57 and its two-hundred day moving average is $3.69. The company has a market capitalization of $142.85 million, a P/E ratio of -4.52 and a beta of 0.45.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Galectin Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Hedge Funds Weigh In On Galectin Therapeutics

Several institutional investors have recently bought and sold shares of the business. Virtu Financial LLC increased its holdings in Galectin Therapeutics by 37.4% during the fourth quarter. Virtu Financial LLC now owns 53,551 shares of the company’s stock valued at $223,000 after buying an additional 14,583 shares during the period. Invesco Ltd. purchased a new position in Galectin Therapeutics during the fourth quarter valued at approximately $43,000. XTX Topco Ltd purchased a new position in Galectin Therapeutics during the fourth quarter valued at approximately $216,000. Wellington Management Group LLP purchased a new position in Galectin Therapeutics during the fourth quarter valued at approximately $592,000. Finally, Millennium Management LLC increased its holdings in Galectin Therapeutics by 113.3% during the fourth quarter. Millennium Management LLC now owns 235,508 shares of the company’s stock valued at $980,000 after buying an additional 125,086 shares during the period. 11.68% of the stock is 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.