Galecto, Inc. (NASDAQ:GLTO) Sees Large Increase in Short Interest

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 27,700 shares, an increase of 51.4% from the February 28th total of 18,300 shares. Based on an average daily trading volume, of 228,500 shares, the short-interest ratio is currently 0.1 days. Approximately 2.4% of the shares of the company are sold short.

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 shares of Galecto, Inc. (NASDAQ:GLTO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,701 shares of the company’s stock, valued at approximately $59,000. Squarepoint Ops LLC owned 0.96% of Galecto at the end of the most recent reporting period. 14.20% of the stock is currently owned by institutional investors.

Galecto Stock Performance

GLTO traded down $0.32 during trading on Monday, hitting $3.10. The stock had a trading volume of 39,633 shares, compared to its average volume of 74,495. The firm has a market capitalization of $4.10 million, a P/E ratio of -0.16 and a beta of 1.18. Galecto has a twelve month low of $3.00 and a twelve month high of $20.25. The company’s 50-day moving average price is $4.65 and its 200 day moving average price is $6.30.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings results on Wednesday, March 19th. The company reported ($5.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.12) by ($2.10). As a group, equities analysts expect that Galecto will post -15.91 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.