Investors Buy Large Volume of Put Options on Galectin Therapeutics (NASDAQ:GALT)

Galectin Therapeutics Inc. (NASDAQ:GALT) was the recipient of unusually large options trading activity on Monday. Stock investors bought 14,331 put options on the stock. This represents an increase of 557% compared to the average volume of 2,182 put options.

Galectin Therapeutics Price Performance

NASDAQ:GALT opened at $2.12 on Wednesday. Galectin Therapeutics has a one year low of $1.55 and a one year high of $4.27. The stock has a market cap of $133.06 million, a P/E ratio of -2.90 and a beta of 0.69. The company has a fifty day moving average price of $2.57 and a 200 day moving average price of $2.51.

Hedge Funds Weigh In On Galectin Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Traynor Capital Management Inc. increased its holdings in shares of Galectin Therapeutics by 23.5% in the second quarter. Traynor Capital Management Inc. now owns 42,871 shares of the company’s stock valued at $97,000 after purchasing an additional 8,164 shares in the last quarter. Marshall Wace LLP acquired a new stake in Galectin Therapeutics during the 2nd quarter worth $43,000. Rhumbline Advisers acquired a new stake in shares of Galectin Therapeutics during the second quarter worth about $44,000. Geode Capital Management LLC lifted its stake in Galectin Therapeutics by 2.5% in the third quarter. Geode Capital Management LLC now owns 862,542 shares of the company’s stock valued at $2,372,000 after buying an additional 20,817 shares in the last quarter. Finally, State Street Corp lifted its position in Galectin Therapeutics by 9.3% in the 3rd quarter. State Street Corp now owns 251,014 shares of the company’s stock valued at $690,000 after acquiring an additional 21,399 shares in the last quarter. Institutional investors own 11.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GALT shares. StockNews.com raised Galectin Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. HC Wainwright reissued a “buy” rating and set a $11.00 price objective on shares of Galectin Therapeutics in a research report on Friday, November 15th.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. Its lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, that is in Phase 2b/3 clinical trial, to prevent esophageal varices in patient with non-alcoholic steatohepatitis (NASH) cirrhosis; and Phase 2 clinical trial for the treatment of liver fibrosis, as well as severe skin disease, and melanoma and head and neck squamous cell carcinoma.