Galecto (NASDAQ:GLTO) Earns Buy Rating from Analysts at UBS Group

UBS Group began coverage on shares of Galecto (NASDAQ:GLTO) in a report released on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $45.00 target price on the stock.

A number of other research firms have also weighed in on GLTO. Lifesci Capital upgraded shares of Galecto to a “strong-buy” rating in a report on Monday, February 2nd. Guggenheim reiterated a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Galecto in a report on Tuesday. Zacks Research raised Galecto to a “hold” rating in a research note on Friday, January 9th. Leerink Partners assumed coverage on Galecto in a report on Wednesday, January 7th. They set an “outperform” rating and a $46.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Galecto in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Galecto Stock Down 0.1%

Shares of NASDAQ GLTO opened at $30.46 on Tuesday. The firm’s fifty day moving average is $25.99 and its 200 day moving average is $15.26. Galecto has a 52 week low of $2.01 and a 52 week high of $38.33. The company has a market cap of $48.74 million, a price-to-earnings ratio of -2.52 and a beta of 1.42.

Hedge Funds Weigh In On Galecto

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLTO. Janus Henderson Group PLC bought a new position in shares of Galecto during the fourth quarter valued at approximately $40,000. Geode Capital Management LLC bought a new stake in shares of Galecto in the 4th quarter worth approximately $266,000. Virtu Financial LLC purchased a new stake in shares of Galecto in the 3rd quarter worth approximately $49,000. Sigma Planning Corp bought a new position in Galecto during the 4th quarter valued at approximately $334,000. Finally, Two Sigma Investments LP bought a new position in Galecto during the 3rd quarter valued at approximately $76,000. Hedge funds and other institutional investors own 14.20% of the company’s stock.

About Galecto

Galecto Inc is a clinical?stage biotechnology company developing small?molecule therapies that target key pathways involved in fibrotic and malignant diseases. The company’s research focuses on inhibiting galectin?3, an extracellular carbohydrate?binding protein implicated in inflammation, fibrosis and tumor progression, as well as lysyl oxidase?like 2 (LOXL2), an enzyme that crosslinks collagen and elastin in fibrotic tissue.

Its lead programs include GB0139, an inhaled galectin?3 inhibitor in Phase II trials for idiopathic pulmonary fibrosis and other fibrosing lung diseases, and GB1211, an oral galectin?3 inhibitor being evaluated for systemic fibrotic disorders.