Insider Selling: Galectin Therapeutics (NASDAQ:GALT) Major Shareholder Sells $247,000.00 in Stock

Galectin Therapeutics Inc. (NASDAQ:GALT) major shareholder Fund L.P. 10X sold 50,000 shares of Galectin Therapeutics stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $4.94, for a total transaction of $247,000.00. Following the sale, the insider owned 5,872,207 shares of the company’s stock, valued at approximately $29,008,702.58. This represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Galectin Therapeutics Price Performance

Galectin Therapeutics stock opened at $5.23 on Monday. The company’s 50 day simple moving average is $4.61 and its 200 day simple moving average is $2.97. Galectin Therapeutics Inc. has a fifty-two week low of $0.73 and a fifty-two week high of $6.55. The firm has a market capitalization of $337.23 million, a price-to-earnings ratio of -8.17 and a beta of 0.85.

Galectin Therapeutics (NASDAQ:GALT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.04. As a group, analysts predict that Galectin Therapeutics Inc. will post -0.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GALT shares. HC Wainwright reissued a “buy” rating and set a $6.00 price objective on shares of Galectin Therapeutics in a research note on Thursday, August 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Galectin Therapeutics in a research note on Saturday. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GALT. Atwood & Palmer Inc. bought a new stake in shares of Galectin Therapeutics in the third quarter worth $42,000. Nuveen LLC bought a new stake in shares of Galectin Therapeutics in the first quarter worth $34,000. Marshall Wace LLP bought a new stake in shares of Galectin Therapeutics in the second quarter worth $64,000. Bank of America Corp DE lifted its position in shares of Galectin Therapeutics by 101.4% in the fourth quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock worth $49,000 after purchasing an additional 19,316 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in shares of Galectin Therapeutics by 226.6% in the second quarter. XTX Topco Ltd now owns 42,805 shares of the company’s stock worth $90,000 after purchasing an additional 29,699 shares in the last quarter. Institutional investors own 11.68% of the company’s stock.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. Its lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, that is in Phase 2b/3 clinical trial, to prevent esophageal varices in patient with non-alcoholic steatohepatitis (NASH) cirrhosis; and Phase 2 clinical trial for the treatment of liver fibrosis, as well as severe skin disease, and melanoma and head and neck squamous cell carcinoma.