Short Interest in Galecto, Inc. (NASDAQ:GLTO) Expands By 51.4%

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 27,700 shares, an increase of 51.4% from the February 28th total of 18,300 shares. Approximately 2.4% of the company’s shares are sold short. Based on an average daily volume of 228,500 shares, the short-interest ratio is presently 0.1 days.

Institutional Trading of Galecto

An institutional investor recently bought a new position in Galecto stock. Squarepoint Ops LLC purchased a new stake in shares of Galecto, Inc. (NASDAQ:GLTO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,701 shares of the company’s stock, valued at approximately $59,000. Squarepoint Ops LLC owned approximately 0.96% of Galecto at the end of the most recent quarter. Institutional investors own 14.20% of the company’s stock.

Galecto Stock Performance

GLTO traded down $0.01 during trading on Friday, reaching $3.42. The company had a trading volume of 65,899 shares, compared to its average volume of 74,633. The firm’s 50-day simple moving average is $4.65 and its 200 day simple moving average is $6.35. The company has a market cap of $4.52 million, a price-to-earnings ratio of -0.18 and a beta of 1.18. Galecto has a 12-month low of $3.00 and a 12-month high of $20.25.

Galecto (NASDAQ:GLTO) last released its earnings results on Wednesday, March 19th. The company reported ($5.22) earnings per share for the quarter, missing the consensus estimate of ($3.12) by ($2.10). On average, sell-side analysts expect that Galecto will post -15.91 EPS for the current year.

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.