Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 98.8% in August

Galecto, Inc. (NASDAQ:GLTO) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 16,900 shares, an increase of 98.8% from the August 15th total of 8,500 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average daily volume of 17,300 shares, the short-interest ratio is presently 1.0 days.

Analysts Set New Price Targets

Separately, Oppenheimer dropped their price objective on shares of Galecto from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Monday, June 10th.

Galecto Stock Down 8.6 %

Shares of GLTO stock traded down $1.22 during trading hours on Friday, hitting $12.93. 119,929 shares of the company’s stock traded hands, compared to its average volume of 12,646. The stock’s 50 day simple moving average is $2.84 and its 200 day simple moving average is $1.42. The stock has a market cap of $350.57 million, a PE ratio of -11.34 and a beta of 1.16. Galecto has a 12 month low of $10.61 and a 12 month high of $23.50.

Galecto (NASDAQ:GLTO) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.16. As a group, equities research analysts expect that Galecto will post -23.5 EPS for the current fiscal year.

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.