Galectin Therapeutics (NASDAQ:GALT) Downgraded to Strong Sell Rating by Zacks Research

Galectin Therapeutics (NASDAQ:GALT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. Weiss Ratings upgraded shares of Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen raised shares of Galectin Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $11.00.

Galectin Therapeutics Stock Performance

Shares of NASDAQ GALT opened at $5.34 on Monday. Galectin Therapeutics has a 1 year low of $2.03 and a 1 year high of $7.13. The stock’s 50-day simple moving average is $3.09 and its 200-day simple moving average is $3.00. The firm has a market cap of $351.69 million, a price-to-earnings ratio of -13.02 and a beta of 0.35.

Galectin Therapeutics (NASDAQ:GALT) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). As a group, research analysts predict that Galectin Therapeutics will post -0.37 EPS for the current year.

Insider Activity

In other Galectin Therapeutics news, Director Harold H. Shlevin sold 22,268 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $5.04, for a total transaction of $112,230.72. Following the transaction, the director owned 6,500 shares of the company’s stock, valued at $32,760. This trade represents a 77.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Khurram Jamil sold 47,467 shares of Galectin Therapeutics stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $239,233.68. Following the completion of the transaction, the insider owned 2,037 shares of the company’s stock, valued at approximately $10,266.48. The trade was a 95.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 90,162 shares of company stock valued at $438,464. 52.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Galectin Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Vivaldi Capital Management LP raised its holdings in shares of Galectin Therapeutics by 26.7% during the first quarter. Vivaldi Capital Management LP now owns 258,584 shares of the company’s stock worth $721,000 after purchasing an additional 54,514 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Galectin Therapeutics in the 1st quarter valued at about $413,000. Sovran Advisors LLC boosted its holdings in shares of Galectin Therapeutics by 14.1% in the 1st quarter. Sovran Advisors LLC now owns 257,830 shares of the company’s stock valued at $719,000 after buying an additional 31,956 shares during the period. Invesco Ltd. acquired a new position in shares of Galectin Therapeutics in the 4th quarter valued at about $43,000. Finally, Cetera Investment Advisers bought a new stake in shares of Galectin Therapeutics during the 4th quarter valued at about $59,000. 11.68% of the stock is owned by institutional investors and hedge funds.

About Galectin Therapeutics

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company’s lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.