Galecto, Inc. (NASDAQ:GLTO) Short Interest Update

Galecto, Inc. (NASDAQ:GLTO) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 9,400 shares, a decrease of 36.1% from the September 30th total of 14,700 shares. Based on an average daily trading volume, of 35,400 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.9% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

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

Galecto Stock Performance

Shares of GLTO opened at $7.27 on Friday. The company has a 50 day moving average price of $10.73 and a 200-day moving average price of $13.27. Galecto has a fifty-two week low of $6.50 and a fifty-two week high of $23.50. The stock has a market capitalization of $7.92 million, a PE ratio of -0.31 and a beta of 1.16.

Galecto (NASDAQ:GLTO) last posted its earnings results on Monday, August 12th. The company reported ($4.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($8.00) by $4.00. Equities research analysts forecast that Galecto will post -18.08 EPS for the current year.

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.