Galecto (NASDAQ:GLTO) Stock Price Down 1.9%

Galecto, Inc. (NASDAQ:GLTO)’s stock price was down 1.9% during trading on Wednesday . The company traded as low as $0.65 and last traded at $0.67. Approximately 60,222 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 238,462 shares. The stock had previously closed at $0.69.

Galecto Price Performance

The stock’s 50-day moving average is $0.74 and its 200 day moving average is $0.67.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings results on Friday, March 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. As a group, research analysts predict that Galecto, Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Galecto

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. acquired a new position in shares of Galecto in the second quarter valued at approximately $40,000. Federated Hermes Inc. grew its stake in Galecto by 50.0% during the third quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock worth $113,000 after buying an additional 20,000 shares during the period. Susquehanna International Group LLP grew its stake in Galecto by 31.3% during the first quarter. Susquehanna International Group LLP now owns 63,037 shares of the company’s stock worth $125,000 after buying an additional 15,016 shares during the period. Vanguard Group Inc. grew its stake in Galecto by 48.9% during the third quarter. Vanguard Group Inc. now owns 217,300 shares of the company’s stock worth $156,000 after buying an additional 71,342 shares during the period. Finally, Renaissance Technologies LLC grew its stake in 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 period. Institutional investors and hedge funds own 14.20% of the company’s stock.

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 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.