Galecto, Inc. (NASDAQ:GLTO) Sees Significant Increase in Short Interest

Galecto, Inc. (NASDAQ:GLTO) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 30,800 shares, an increase of 1,084.6% from the June 15th total of 2,600 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 146,400 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer dropped their price target on Galecto from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.33.

Galecto Stock Performance

Shares of Galecto stock opened at $0.52 on Friday. Galecto has a fifty-two week low of $0.46 and a fifty-two week high of $3.70. The company’s 50 day moving average price is $0.57 and its two-hundred day moving average price is $0.66.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.21. On average, research analysts anticipate that Galecto will post -1.06 EPS for the current 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.