Short Interest in Galecto, Inc. (NASDAQ:GLTO) Rises By 51.4%

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 27,700 shares, an increase of 51.4% from the February 28th total of 18,300 shares. Based on an average trading volume of 228,500 shares, the days-to-cover ratio is presently 0.1 days. Approximately 2.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Galecto stock. Squarepoint Ops LLC acquired a new stake in shares of Galecto, Inc. (NASDAQ:GLTO) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 12,701 shares of the company’s stock, valued at approximately $59,000. Squarepoint Ops LLC owned approximately 0.96% of Galecto as of its most recent filing with the Securities & Exchange Commission. 14.20% of the stock is owned by hedge funds and other institutional investors.

Galecto Trading Up 3.2 %

Shares of NASDAQ GLTO traded up $0.10 during trading hours on Tuesday, reaching $3.20. The stock had a trading volume of 10,447 shares, compared to its average volume of 74,243. Galecto has a 52-week low of $3.00 and a 52-week high of $20.25. The firm has a market cap of $4.23 million, a price-to-earnings ratio of -0.17 and a beta of 1.18. The business’s fifty day moving average price is $4.60 and its two-hundred day moving average price is $6.22.

Galecto (NASDAQ:GLTO) last issued its earnings results on Wednesday, March 19th. The company reported ($5.22) earnings per share for the quarter, missing the consensus estimate of ($3.12) by ($2.10). Equities research analysts anticipate that Galecto will post -15.91 earnings per share for the current fiscal 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.