Short Interest in Galecto, Inc. (NASDAQ:GLTO) Drops By 62.1%

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 6,400 shares, a decrease of 62.1% from the August 31st total of 16,900 shares. Based on an average daily volume of 24,200 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.6% of the shares of the company are short sold.

Galecto Price Performance

NASDAQ GLTO traded down $0.17 on Wednesday, hitting $11.57. 39,536 shares of the company’s stock were exchanged, compared to its average volume of 14,002. The firm has a market cap of $12.61 million, a price-to-earnings ratio of -10.33 and a beta of 1.16. The firm’s 50-day moving average price is $4.59 and its two-hundred day moving average price is $2.03. Galecto has a fifty-two week low of $10.61 and a fifty-two week high of $23.50.

Galecto (NASDAQ:GLTO) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.16. On average, research analysts predict that Galecto will post -18.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Oppenheimer reduced their target price on shares of Galecto from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Monday, June 10th.

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.