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

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totalling 8,200 shares, an increase of 173.3% from the July 15th total of 3,000 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average daily volume of 156,000 shares, the days-to-cover ratio is currently 0.1 days.

Galecto Stock Performance

Shares of Galecto stock traded up $0.04 during trading on Thursday, reaching $0.58. 132,044 shares of the company’s stock were exchanged, compared to its average volume of 189,161. The firm’s 50-day moving average price is $0.52 and its 200 day moving average price is $0.64. The company has a market cap of $15.72 million, a P/E ratio of -0.47 and a beta of 1.17. Galecto has a 1-year low of $0.46 and a 1-year high of $0.94.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.16. As a group, equities research analysts predict that Galecto will post -1.06 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Oppenheimer reduced 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 equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $4.33.

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.