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

Galecto, Inc. (NASDAQ:GLTO) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 18,100 shares, a decline of 66.8% from the February 29th total of 54,600 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 393,600 shares, the short-interest ratio is currently 0.0 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Galecto by 48.9% during the third quarter. Vanguard Group Inc. now owns 217,300 shares of the company’s stock valued at $156,000 after purchasing an additional 71,342 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Galecto by 6.3% during the second quarter. Renaissance Technologies LLC now owns 165,861 shares of the company’s stock worth $418,000 after buying an additional 9,761 shares during the last quarter. BlackRock Inc. grew its stake in shares of Galecto by 1,541.4% during the second quarter. BlackRock Inc. now owns 273,475 shares of the company’s stock worth $689,000 after buying an additional 256,814 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Galecto by 77.8% during the second quarter. Geode Capital Management LLC now owns 193,691 shares of the company’s stock worth $488,000 after buying an additional 84,741 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Galecto during the second quarter worth $40,000. 14.20% of the stock is currently owned by institutional investors and hedge funds.

Galecto Stock Performance

Shares of NASDAQ GLTO traded up $0.03 during midday trading on Wednesday, reaching $0.78. The company’s stock had a trading volume of 764,951 shares, compared to its average volume of 259,393. Galecto has a fifty-two week low of $0.50 and a fifty-two week high of $3.70. The business’s 50 day moving average price is $0.71 and its two-hundred day moving average price is $0.66. The company has a market cap of $21.15 million, a P/E ratio of -0.51 and a beta of 1.22.

Galecto (NASDAQ:GLTO) last released its quarterly earnings results on Friday, March 8th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.08. Sell-side analysts forecast that Galecto will post -1.2 earnings per share for the current fiscal 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 GB0139, an inhaled small molecule inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung; GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of 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.