Galecto, Inc. (NASDAQ:GLTO) Sees Significant Growth in Short Interest

Galecto, Inc. (NASDAQ:GLTO) saw a large increase in short interest in February. As of February 15th, there was short interest totalling 20,400 shares, an increase of 56.9% from the January 31st total of 13,000 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average trading volume of 19,500 shares, the short-interest ratio is presently 1.0 days.

Galecto Price Performance

NASDAQ GLTO traded up $0.18 during trading hours on Friday, hitting $4.38. 17,404 shares of the company’s stock traded hands, compared to its average volume of 20,136. The company has a market capitalization of $5.77 million, a PE ratio of -0.23 and a beta of 1.17. The firm’s 50-day moving average is $4.96 and its 200-day moving average is $7.47. Galecto has a 52-week low of $4.19 and a 52-week high of $23.50.

Hedge Funds Weigh In On Galecto

An institutional investor recently bought a new position in Galecto stock. Squarepoint Ops LLC acquired a new position in Galecto, Inc. (NASDAQ:GLTO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,701 shares of the company’s stock, valued at approximately $59,000. Squarepoint Ops LLC owned about 0.96% of Galecto as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 14.20% of the company’s stock.

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.