Galecto, Inc. (NASDAQ:GLTO) Sees Significant Drop in Short Interest

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 2,600 shares, a decrease of 72.0% from the May 31st total of 9,300 shares. Based on an average daily volume of 157,200 shares, the days-to-cover ratio is presently 0.0 days. Approximately 0.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Oppenheimer cut their price objective on shares of Galecto from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.33.

Galecto Trading Up 2.6 %

NASDAQ:GLTO traded up $0.01 on Thursday, reaching $0.50. 51,097 shares of the stock traded hands, compared to its average volume of 202,540. The firm has a market capitalization of $13.63 million, a price-to-earnings ratio of -0.44 and a beta of 1.22. Galecto has a 1-year low of $0.47 and a 1-year high of $3.70. The company’s 50 day moving average is $0.61 and its 200-day moving average is $0.67.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings data on Monday, April 29th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.21. On average, equities research analysts forecast that Galecto will post -1.06 EPS for the current fiscal year.

About Galecto

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.