Galecto, Inc. (NASDAQ:GLTO – Get Rating) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 59,500 shares, a decrease of 35.0% from the March 15th total of 91,500 shares. Based on an average daily trading volume, of 76,900 shares, the short-interest ratio is presently 0.8 days. Currently, 0.6% of the shares of the stock are short sold.
Shares of Galecto stock traded down $0.25 during trading on Monday, reaching $2.26. The company’s stock had a trading volume of 66 shares, compared to its average volume of 75,594. The firm has a 50-day simple moving average of $2.17. Galecto has a 52-week low of $1.67 and a 52-week high of $16.41.
Separately, Zacks Investment Research raised shares of Galecto from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a research note on Tuesday, March 1st.
A number of institutional investors and hedge funds have recently made changes to their positions in GLTO. Bank of America Corp DE boosted its position in Galecto by 617.3% during the 2nd quarter. Bank of America Corp DE now owns 35,490 shares of the company’s stock valued at $180,000 after buying an additional 30,542 shares during the period. Wells Fargo & Company MN boosted its position in Galecto by 118,463.2% during the 2nd quarter. Wells Fargo & Company MN now owns 45,054 shares of the company’s stock valued at $228,000 after buying an additional 45,016 shares during the period. Marquette Asset Management LLC bought a new position in Galecto in the 3rd quarter worth $87,000. Renaissance Technologies LLC raised its holdings in Galecto by 159.2% in the 3rd quarter. Renaissance Technologies LLC now owns 102,900 shares of the company’s stock worth $369,000 after purchasing an additional 63,200 shares in the last quarter. Finally, Millennium Management LLC bought a new position in Galecto in the 3rd quarter worth $299,000. 41.19% of the stock is owned by institutional investors and hedge funds.
Galecto Company Profile (Get Rating)
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 GB0139, an inhaled inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung.
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