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

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a large increase in short interest in 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 company are short sold. Based on an average daily volume of 17,300 shares, the short-interest ratio is presently 1.0 days.

Galecto Stock Performance

Shares of Galecto stock traded down $1.22 on Friday, reaching $12.93. 119,929 shares of the stock were exchanged, compared to its average volume of 12,646. The firm’s 50 day moving average is $2.84 and its 200-day moving average is $1.42. Galecto has a one year low of $10.61 and a one year high of $23.50. The firm has a market cap of $350.57 million, a PE ratio of -11.34 and a beta of 1.16.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.16. On average, equities research analysts expect that Galecto will post -23.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.