Galecto (NASDAQ:GLTO) Posts Earnings Results

Galecto (NASDAQ:GLTO) announced its quarterly earnings results on Monday. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.16, Zacks reports.

Galecto Stock Performance

NASDAQ:GLTO traded up $0.01 on Wednesday, hitting $0.55. 25,806 shares of the stock were exchanged, compared to its average volume of 189,301. The stock has a market capitalization of $14.91 million, a price-to-earnings ratio of -0.47 and a beta of 1.17. Galecto has a 52 week low of $0.46 and a 52 week high of $1.08. The company’s 50-day moving average price is $0.52 and its 200 day moving average price is $0.64.

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 given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.33.

Galecto Company Profile

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.