Galecto, Inc. (NASDAQ:GLTO) Short Interest Down 36.1% in October

Galecto, Inc. (NASDAQ:GLTO) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 9,400 shares, a decrease of 36.1% from the September 30th total of 14,700 shares. Based on an average trading volume of 35,400 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.9% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

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

Galecto Stock Performance

GLTO traded down $0.06 during trading on Tuesday, reaching $7.20. 5,433 shares of the company traded hands, compared to its average volume of 16,428. The company has a market cap of $7.85 million, a P/E ratio of -0.31 and a beta of 1.16. Galecto has a 12-month low of $6.50 and a 12-month high of $23.50. The firm has a fifty day simple moving average of $10.45 and a 200 day simple moving average of $13.10.

Galecto (NASDAQ:GLTO) last released its quarterly earnings data on Monday, August 12th. The company reported ($4.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($8.00) by $4.00. As a group, sell-side analysts expect that Galecto will post -18.08 earnings per share for the current fiscal year.

Galecto Company Profile

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.