Galecto (NASDAQ:GLTO) Announces Earnings Results, Beats Expectations By $0.16 EPS

Galecto (NASDAQ:GLTO) announced its earnings results on Monday. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.16, Zacks reports.

Galecto Stock Performance

NASDAQ GLTO traded up $0.01 during trading hours on Wednesday, hitting $0.55. 24,206 shares of the company traded hands, compared to its average volume of 189,291. Galecto has a twelve month low of $0.46 and a twelve month high of $1.08. The business’s 50-day moving average is $0.52 and its 200-day moving average is $0.64. The stock has a market capitalization of $14.91 million, a price-to-earnings ratio of -0.47 and a beta of 1.17.

Analysts Set New Price Targets

Separately, Oppenheimer dropped their price target on Galecto from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.33.

Galecto Company Profile

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 GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and 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.