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

Galecto, Inc. (NASDAQ:GLTO) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 20,200 shares, a growth of 112.6% from the November 15th total of 9,500 shares. Based on an average daily volume of 30,800 shares, the days-to-cover ratio is currently 0.7 days. Approximately 1.8% of the shares of the company are sold short.

Galecto Stock Performance

GLTO opened at $5.08 on Friday. Galecto has a 52-week low of $5.08 and a 52-week high of $23.50. The firm has a market cap of $6.69 million, a P/E ratio of -0.27 and a beta of 1.15. The business’s fifty day moving average is $6.48 and its 200-day moving average is $10.71.

Analyst Upgrades and Downgrades

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

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.