Galecto, Inc. (NASDAQ:GLTO) Short Interest Update

Galecto, Inc. (NASDAQ:GLTO) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 9,400 shares, a decrease of 36.1% from the September 30th total of 14,700 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 35,400 shares, the days-to-cover ratio is presently 0.3 days.

Wall Street Analyst Weigh In

Separately, Oppenheimer raised their target price on shares of Galecto from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th.

Galecto Stock Performance

NASDAQ:GLTO traded down $0.06 during trading hours on Tuesday, reaching $7.20. The company’s stock had a trading volume of 5,433 shares, compared to its average volume of 16,428. The stock has a 50 day moving average price of $10.45 and a two-hundred day moving average price of $13.10. The company has a market capitalization of $7.85 million, a P/E ratio of -0.31 and a beta of 1.16. Galecto has a 12 month low of $6.50 and a 12 month high of $23.50.

Galecto (NASDAQ:GLTO) last released its quarterly earnings results on Monday, August 12th. The company reported ($4.00) EPS for the quarter, topping the consensus estimate of ($8.00) by $4.00. As a group, analysts predict that Galecto will post -18.08 EPS for the current fiscal year.

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.