Galecto (NASDAQ:GLTO) Coverage Initiated by Analysts at Cantor Fitzgerald

Analysts at Cantor Fitzgerald started coverage on shares of Galecto (NASDAQ:GLTO – Get Rating) in a note issued to investors on Friday, The Fly reports. The firm set an “overweight” rating and a $16.00 price target on the stock.

Separately, Credit Suisse Group reaffirmed an “outperform” rating and issued a $6.00 price target on shares of Galecto in a report on Friday, March 10th.

Galecto Trading Up 9.1 %

NASDAQ GLTO opened at $1.92 on Friday. The stock has a market capitalization of $49.29 million, a price-to-earnings ratio of -0.79 and a beta of 0.79. Galecto has a twelve month low of $1.04 and a twelve month high of $2.95. The stock has a 50-day moving average of $2.21 and a 200 day moving average of $1.93.

Hedge Funds Weigh In On Galecto

An institutional investor recently raised its position in Galecto stock. Federated Hermes Inc. raised its position in shares of Galecto, Inc. (NASDAQ:GLTO – Get Rating) by 53.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,000 shares of the company’s stock after acquiring an additional 14,000 shares during the quarter. Federated Hermes Inc. owned approximately 0.16% of Galecto worth $69,000 as of its most recent SEC filing. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Galecto Company Profile

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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.