Galecto (NASDAQ:GLTO) Stock Price Up 22.6% – Should You Buy?

Galecto, Inc. (NASDAQ:GLTO)’s share price shot up 22.6% during mid-day trading on Thursday . The company traded as high as $5.75 and last traded at $5.70. 49,114 shares traded hands during mid-day trading, an increase of 191% from the average session volume of 16,906 shares. The stock had previously closed at $4.65.

Analysts Set New Price Targets

Separately, Oppenheimer boosted their price objective on shares of Galecto from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th.

Galecto Stock Performance

The business has a 50-day simple moving average of $5.90 and a 200 day simple moving average of $9.84. The firm has a market cap of $7.51 million, a P/E ratio of -0.30 and a beta of 1.15.

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.