Galectin Therapeutics (NASDAQ:GALT) Announces Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Galectin Therapeutics (NASDAQ:GALT) released its quarterly earnings data on Friday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05), FiscalAI reports.

Galectin Therapeutics Stock Down 2.5%

NASDAQ GALT opened at $3.44 on Friday. Galectin Therapeutics has a fifty-two week low of $2.03 and a fifty-two week high of $7.13. The business has a fifty day moving average of $3.61 and a 200-day moving average of $2.99. The stock has a market cap of $226.55 million, a price-to-earnings ratio of -8.00 and a beta of 0.41.

Insider Activity

In related news, Director Harold H. Shlevin sold 22,268 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $112,230.72. Following the transaction, the director directly owned 6,500 shares of the company’s stock, valued at approximately $32,760. This trade represents a 77.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Khurram Jamil sold 47,467 shares of Galectin Therapeutics stock in a transaction on Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $239,233.68. Following the completion of the transaction, the insider owned 2,037 shares in the company, valued at $10,266.48. The trade was a 95.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 90,162 shares of company stock worth $438,464. Insiders own 52.60% of the company’s stock.

Hedge Funds Weigh In On Galectin Therapeutics

A number of large investors have recently modified their holdings of GALT. Virtu Financial LLC lifted its stake in shares of Galectin Therapeutics by 37.4% in the 4th quarter. Virtu Financial LLC now owns 53,551 shares of the company’s stock valued at $223,000 after purchasing an additional 14,583 shares in the last quarter. Invesco Ltd. acquired a new stake in Galectin Therapeutics during the 4th quarter worth approximately $43,000. XTX Topco Ltd purchased a new position in Galectin Therapeutics in the fourth quarter valued at approximately $216,000. Wellington Management Group LLP purchased a new position in Galectin Therapeutics in the fourth quarter valued at approximately $592,000. Finally, Millennium Management LLC raised its holdings in Galectin Therapeutics by 113.3% in 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 currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on GALT shares. HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of Galectin Therapeutics in a report on Tuesday, June 23rd. Zacks Research upgraded shares of Galectin Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Galectin Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Finally, Weiss Ratings upgraded shares of Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $11.00.

Galectin Therapeutics Company Profile

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.