Galectin Therapeutics (NASDAQ:GALT) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Galectin Therapeutics Inc. (NASDAQ:GALT)’s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $3.22 and traded as low as $2.91. Galectin Therapeutics shares last traded at $2.97, with a volume of 396,557 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Zacks Research raised Galectin Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galectin Therapeutics in a research note on Monday, September 14th. One equities 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, Galectin Therapeutics currently has an average rating of “Hold” and an average target price of $11.00.

Galectin Therapeutics Trading Down 14.4%

The stock has a market capitalization of $195.60 million, a P/E ratio of -6.91 and a beta of 0.53. The stock’s fifty day moving average price is $3.76 and its two-hundred day moving average price is $3.22.

Galectin Therapeutics (NASDAQ:GALT) last issued its earnings results on Friday, August 14th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). As a group, analysts expect that Galectin Therapeutics Inc. will post -0.30 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Argyle Capital Partners LLC bought a new position in Galectin Therapeutics during the 2nd quarter worth approximately $62,000. Archer Investment Corp purchased a new position in Galectin Therapeutics in the 2nd quarter worth approximately $81,000. Bank of America Corp DE lifted its position in Galectin Therapeutics by 114.9% in the first quarter. Bank of America Corp DE now owns 53,862 shares of the company’s stock valued at $150,000 after purchasing an additional 28,799 shares during the last quarter. Sovran Advisors LLC lifted its position in Galectin Therapeutics by 14.1% in the first quarter. Sovran Advisors LLC now owns 257,830 shares of the company’s stock valued at $719,000 after purchasing an additional 31,956 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in Galectin Therapeutics by 13.1% in the third quarter. Commonwealth Equity Services LLC now owns 460,296 shares of the company’s stock valued at $1,786,000 after purchasing an additional 53,183 shares during the last quarter. Hedge funds and other institutional investors own 11.68% of the company’s stock.

About Galectin Therapeutics

Galectin Therapeutics Inc is a clinical-stage biotechnology company focused on developing therapies that target galectin-3, a protein associated with fibrosis, inflammation and immune regulation. The company’s research is aimed at treating serious chronic diseases in which galectin-3 may contribute to disease progression.

Its lead investigational product is belapectin, also known as GR-MD-02, a galectin-3 inhibitor being studied primarily for liver diseases, including nonalcoholic steatohepatitis (NASH), now commonly referred to as metabolic dysfunction-associated steatohepatitis (MASH), and related cirrhosis complications such as portal hypertension.