-$0.56 EPS Expected for Galecto, Inc. (NASDAQ:GLTO) This Quarter

Equities research analysts expect Galecto, Inc. (NASDAQ:GLTO) to report ($0.56) earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Zero analysts have made estimates for Galecto’s earnings. Galecto posted earnings of ($55.25) per share in the same quarter last year, which would suggest a positive year over year growth rate of 99%. The firm is expected to announce its next earnings report on Friday, December 10th.

According to Zacks, analysts expect that Galecto will report full year earnings of ($2.23) per share for the current fiscal year, with EPS estimates ranging from ($2.30) to ($2.16). For the next financial year, analysts anticipate that the firm will report earnings of ($2.31) per share, with EPS estimates ranging from ($2.35) to ($2.27). Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Galecto.

Galecto (NASDAQ:GLTO) last released its earnings results on Thursday, August 5th. The company reported ($0.49) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.05.

GLTO has been the subject of several research reports. Zacks Investment Research lowered shares of Galecto from a “buy” rating to a “hold” rating in a report on Wednesday, October 6th. Credit Suisse Group decreased their price target on shares of Galecto from $12.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, August 6th.

Shares of NASDAQ GLTO remained flat at $$3.45 during midday trading on Friday. 891 shares of the stock traded hands, compared to its average volume of 111,840. Galecto has a 1-year low of $3.34 and a 1-year high of $17.99. The business has a fifty day simple moving average of $4.04 and a two-hundred day simple moving average of $4.81. The firm has a market cap of $87.15 million and a price-to-earnings ratio of -0.45.

Institutional investors have recently bought and sold shares of the business. Sphera Funds Management LTD. boosted its stake in Galecto by 14.4% during the 1st quarter. Sphera Funds Management LTD. now owns 448,016 shares of the company’s stock valued at $2,722,000 after purchasing an additional 56,229 shares during the period. XTX Topco Ltd acquired a new position in Galecto during the 2nd quarter valued at about $56,000. Millennium Management LLC boosted its stake in Galecto by 18.3% during the 1st quarter. Millennium Management LLC now owns 82,850 shares of the company’s stock valued at $503,000 after purchasing an additional 12,839 shares during the period. Goldman Sachs Group Inc. acquired a new stake in shares of Galecto in the 1st quarter worth approximately $81,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Galecto by 118,463.2% in the 2nd quarter. Wells Fargo & Company MN now owns 45,054 shares of the company’s stock worth $228,000 after acquiring an additional 45,016 shares during the period. 44.97% of the stock is owned by hedge funds and other institutional investors.

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 GB0139, an inhaled inhibitor of galectin-3 that is in Phase IIb clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis, a life-threatening progressive fibrotic disease of the lung.

Featured Story: What is the operating income formula?

Get a free copy of the Zacks research report on Galecto (GLTO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Galecto (NASDAQ:GLTO)

Receive News & Ratings for Galecto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Galecto and related companies with MarketBeat.com's FREE daily email newsletter.