Galecto (NASDAQ:GLTO) Stock Rating Lowered by Wall Street Zen

Galecto (NASDAQ:GLTO) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Monday.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Galecto in a research note on Monday, November 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Galecto presently has an average rating of “Sell”.

Galecto Stock Up 1.7%

GLTO opened at $16.58 on Monday. Galecto has a 52 week low of $2.01 and a 52 week high of $33.60. The business has a 50 day moving average price of $10.45 and a two-hundred day moving average price of $5.80. The company has a market cap of $22.05 million, a PE ratio of -1.37 and a beta of 1.45.

Galecto (NASDAQ:GLTO) last announced its earnings results on Thursday, November 6th. The company reported ($2.36) earnings per share for the quarter. As a group, sell-side analysts expect that Galecto will post -15.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in Galecto in the third quarter valued at $49,000. Two Sigma Investments LP purchased a new position in shares of Galecto in the 3rd quarter valued at about $76,000. Finally, Connective Capital Management LLC acquired a new stake in shares of Galecto in the third quarter valued at about $100,000. Institutional investors and hedge funds own 14.20% of the company’s stock.

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.