Galectin Therapeutics (NASDAQ:GALT) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• Galectin Therapeutics reported earnings of ($0.12) per share for the quarter, surpassing estimates by $0.04.
• The company's stock has seen a 50-day moving average of $2.65 and a market capitalization of approximately $232.40 million.
• Recent changes in institutional ownership include Bank of America increasing its stake by 101.4% and XTX Topco Ltd lifting its stake by 226.6%.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) posted its earnings results on Thursday. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.04, Zacks reports.

Galectin Therapeutics Stock Down 3.8%

Galectin Therapeutics stock traded down $0.15 during trading hours on Tuesday, hitting $3.75. The stock had a trading volume of 181,258 shares, compared to its average volume of 301,409. The business's 50 day simple moving average is $2.85 and its 200-day simple moving average is $1.90. Galectin Therapeutics has a one year low of $0.73 and a one year high of $4.41. The stock has a market cap of $240.23 million, a price-to-earnings ratio of -5.86 and a beta of 0.82.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen upgraded Galectin Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. HC Wainwright reissued a "buy" rating and set a $6.00 target price on shares of Galectin Therapeutics in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Galectin Therapeutics currently has an average rating of "Buy" and an average price target of $6.00.

Hedge Funds Weigh In On Galectin Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in shares of Galectin Therapeutics during the second quarter worth $1,580,000. Vivaldi Capital Management LP lifted its holdings in Galectin Therapeutics by 210.0% during the 2nd quarter. Vivaldi Capital Management LP now owns 172,443 shares of the company's stock worth $364,000 after buying an additional 116,815 shares during the period. XTX Topco Ltd grew its position in shares of Galectin Therapeutics by 226.6% in the 2nd quarter. XTX Topco Ltd now owns 42,805 shares of the company's stock valued at $90,000 after buying an additional 29,699 shares during the last quarter. Bank of America Corp DE raised its position in shares of Galectin Therapeutics by 101.4% during the fourth quarter. Bank of America Corp DE now owns 38,358 shares of the company's stock worth $49,000 after acquiring an additional 19,316 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Galectin Therapeutics during the 2nd quarter worth approximately $64,000. 11.68% of the stock is currently owned by institutional investors and hedge funds.

About Galectin Therapeutics

Galectin Therapeutics Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. Its lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, that is in Phase 2b/3 clinical trial, to prevent esophageal varices in patient with non-alcoholic steatohepatitis (NASH) cirrhosis; and Phase 2 clinical trial for the treatment of liver fibrosis, as well as severe skin disease, and melanoma and head and neck squamous cell carcinoma.