Galecto (NASDAQ:GLTO) Trading Up 2.7%

Galecto, Inc. (NASDAQ:GLTOGet Free Report)’s share price was up 2.7% during trading on Thursday . The company traded as high as $0.78 and last traded at $0.72. Approximately 502,087 shares traded hands during trading, an increase of 121% from the average daily volume of 227,117 shares. The stock had previously closed at $0.70.

Galecto Stock Performance

The stock’s 50 day moving average price is $0.68 and its 200 day moving average price is $0.63.

Institutional Investors Weigh In On Galecto

Several hedge funds have recently bought and sold shares of the company. Simplex Trading LLC raised its holdings in Galecto by 3,699.7% in the 2nd quarter. Simplex Trading LLC now owns 11,399 shares of the company’s stock valued at $28,000 after acquiring an additional 11,099 shares during the period. Belvedere Trading LLC bought a new position in Galecto in the 2nd quarter valued at about $38,000. Charles Schwab Investment Management Inc. bought a new position in Galecto in the 2nd quarter valued at about $40,000. Federated Hermes Inc. raised its holdings in Galecto by 50.0% in the 3rd quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock valued at $113,000 after acquiring an additional 20,000 shares during the period. Finally, Susquehanna International Group LLP raised its holdings in Galecto by 31.3% in the 1st quarter. Susquehanna International Group LLP now owns 63,037 shares of the company’s stock valued at $125,000 after acquiring an additional 15,016 shares during the period. 29.40% of the stock is currently owned by institutional investors and hedge funds.

About Galecto

(Get Free Report)

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.

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