Zacks Investment Research Lowers Galectin Therapeutics (NASDAQ:GALT) to Sell

Zacks Investment Research downgraded shares of Galectin Therapeutics (NASDAQ:GALT) from a hold rating to a sell rating in a report issued on Tuesday morning, reports.

According to Zacks, “Galectin Therapeutics Inc. is a drug development company engaged in the development new therapies for fibrotic disease and cancer. The Company uses its carbohydrate technology that targets galectin proteins, the key mediators of biologic and pathologic function. Galectin Therapeutics uses naturally occurring carbohydrate polymers with galactose residues to create complex carbohydrates with specific molecular weights. Galectin Therapeutics, formerly known as Pro-Pharmaceuticals, Inc. is headquartered in Newton, Massachusetts. “

Shares of GALT opened at $2.02 on Tuesday. The company has a 50-day simple moving average of $2.42 and a 200-day simple moving average of $3.05. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 2.76. Galectin Therapeutics has a 52-week low of $1.82 and a 52-week high of $5.70.

Galectin Therapeutics (NASDAQ:GALT) last announced its quarterly earnings results on Monday, November 15th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.04. As a group, research analysts anticipate that Galectin Therapeutics will post -0.59 EPS for the current year.

In related news, major shareholder Fund L.P. 10X sold 10,000 shares of the stock in a transaction dated Monday, November 1st. The shares were sold at an average price of $3.19, for a total value of $31,900.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders purchased 12,000 shares of company stock worth $34,530 and sold 30,000 shares worth $76,600. 39.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its stake in Galectin Therapeutics by 419.3% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 10,386 shares of the company’s stock valued at $33,000 after acquiring an additional 8,386 shares during the last quarter. Buckingham Strategic Wealth LLC acquired a new stake in Galectin Therapeutics in the 3rd quarter valued at about $42,000. Boothbay Fund Management LLC acquired a new stake in Galectin Therapeutics in the 2nd quarter valued at about $35,000. Commonwealth Equity Services LLC acquired a new stake in Galectin Therapeutics in the 3rd quarter valued at about $46,000. Finally, XTX Topco Ltd acquired a new stake in Galectin Therapeutics in the 2nd quarter valued at about $40,000. 12.28% of the stock is currently owned by hedge funds and other institutional investors.

About Galectin Therapeutics

Galectin Therapeutics, Inc is a biotechnology company, which engages in drug research and development to create new therapies for fibrotic disease, severe skin disease, and cancer. Its programs target the development of carbohydrate molecules which offers alternative options to larger market segments.

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