Galecto, Inc. (NASDAQ:GLTO) Short Interest Down 90.3% in July

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 3,000 shares, a decline of 90.3% from the June 30th total of 30,800 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 152,900 shares, the short-interest ratio is presently 0.0 days.

Galecto Trading Up 2.4 %

Galecto stock traded up $0.01 during mid-day trading on Friday, hitting $0.57. The company had a trading volume of 59,100 shares, compared to its average volume of 148,285. The stock’s 50 day moving average price is $0.55 and its two-hundred day moving average price is $0.65. Galecto has a 12 month low of $0.46 and a 12 month high of $3.45.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.21. As a group, equities analysts predict that Galecto will post -1.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Oppenheimer reduced their target price on Galecto from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target 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.