Galecto, Inc. (NASDAQ:GLTO) Short Interest Down 36.1% in October

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totalling 9,400 shares, a decline of 36.1% from the September 30th total of 14,700 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 35,400 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Separately, Oppenheimer upped their price target on shares of Galecto from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th.

Galecto Price Performance

Galecto stock traded down $0.06 during mid-day trading on Tuesday, reaching $7.20. The stock had a trading volume of 5,433 shares, compared to its average volume of 16,428. The company has a market capitalization of $7.85 million, a price-to-earnings ratio of -0.31 and a beta of 1.16. The company has a 50-day moving average price of $10.45 and a two-hundred day moving average price of $13.10. Galecto has a one year low of $6.50 and a one year high of $23.50.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings results on Monday, August 12th. The company reported ($4.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($8.00) by $4.00. On average, equities research analysts anticipate that Galecto will post -18.08 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 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.