Galectin Therapeutics (NASDAQ:GALT) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Galectin reported adjusted EPS of -$0.08, beating estimates of -$0.10 by $0.02, yet the stock traded down about 4.1% and opened at $2.57.
• Company insiders have been active sellers — the CEO and CFO sold sizable blocks in early January and insiders disposed of 204,000 shares (~$787,433) over the quarter, though insiders still own 52.6% of the stock.
• Analyst views are mixed: HC Wainwright raised its target to $11 with a Buy rating while Weiss Ratings maintained a Sell, leaving a MarketBeat consensus of Hold and a $11 consensus target; institutional ownership is roughly 11.7% with several funds adding positions.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) released its earnings results on Tuesday. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.02, FiscalAI reports.

Galectin Therapeutics Trading Down 4.1%

NASDAQ GALT opened at $2.57 on Tuesday. Galectin Therapeutics has a 12 month low of $1.12 and a 12 month high of $7.13. The stock has a 50-day simple moving average of $2.98 and a 200 day simple moving average of $4.23. The company has a market capitalization of $165.69 million, a PE ratio of -4.36 and a beta of 0.98.

Insiders Place Their Bets

In related news, CEO Joel Lewis sold 37,698 shares of Galectin Therapeutics stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $3.58, for a total transaction of $134,958.84. Following the transaction, the chief executive officer owned 832,592 shares of the company's stock, valued at $2,980,679.36. This trade represents a 4.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jack W. Callicutt sold 25,732 shares of the business's stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.90, for a total transaction of $100,354.80. Following the transaction, the chief financial officer owned 27,968 shares of the company's stock, valued at approximately $109,075.20. This represents a 47.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 204,000 shares of company stock worth $787,433. Insiders own 52.60% of the company's stock.

Institutional Investors Weigh In On Galectin Therapeutics

Hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services LLC grew its stake in Galectin Therapeutics by 13.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 334,096 shares of the company's stock valued at $1,390,000 after acquiring an additional 39,195 shares during the period. State Street Corp raised its position in shares of Galectin Therapeutics by 5.2% during the fourth quarter. State Street Corp now owns 242,232 shares of the company's stock worth $1,008,000 after purchasing an additional 11,892 shares during the period. 683 Capital Management LLC bought a new position in shares of Galectin Therapeutics during the 4th quarter valued at about $676,000. Wellington Management Group LLP bought a new position in shares of Galectin Therapeutics during the 4th quarter valued at about $592,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Galectin Therapeutics in the 4th quarter valued at approximately $343,000. 11.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GALT. HC Wainwright raised their price target on Galectin Therapeutics from $6.00 to $11.00 and gave the company a "buy" rating in a report on Wednesday, December 17th. Weiss Ratings restated a "sell (d-)" rating on shares of Galectin Therapeutics in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $11.00.

About Galectin Therapeutics

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company's lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.

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