Q3 2022 Earnings Forecast for Galecto, Inc. (NASDAQ:GLTO) Issued By SVB Leerink

Galecto, Inc. (NASDAQ:GLTOGet Rating) – Analysts at SVB Leerink increased their Q3 2022 earnings per share (EPS) estimates for shares of Galecto in a research report issued on Wednesday, August 3rd. SVB Leerink analyst T. Smith now anticipates that the company will post earnings per share of ($0.68) for the quarter, up from their prior estimate of ($0.71). SVB Leerink currently has a “Outperform” rating and a $13.00 target price on the stock. The consensus estimate for Galecto’s current full-year earnings is ($2.64) per share. SVB Leerink also issued estimates for Galecto’s Q4 2022 earnings at ($0.59) EPS, FY2022 earnings at ($2.53) EPS, FY2023 earnings at ($2.15) EPS, FY2024 earnings at ($2.40) EPS, FY2025 earnings at ($3.35) EPS and FY2026 earnings at ($2.69) EPS.

Galecto Stock Up 9.4 %

GLTO opened at $2.09 on Friday. The stock has a market cap of $53.08 million, a PE ratio of -0.88 and a beta of 0.19. The business has a 50 day moving average of $1.77 and a 200-day moving average of $1.93. Galecto has a 52 week low of $1.17 and a 52 week high of $4.75.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Galecto stock. MAI Capital Management acquired a new stake in shares of Galecto, Inc. (NASDAQ:GLTOGet Rating) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 320,860 shares of the company’s stock, valued at approximately $555,000. MAI Capital Management owned about 1.27% of Galecto at the end of the most recent quarter. 39.81% of the stock is currently owned by institutional investors.

About Galecto

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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 inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung; 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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