Galectin Therapeutics (NASDAQ:GALT) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Galectin Therapeutics' share price surpassed its 200-day moving average, reaching a high of $3.84 during trading, with a current volume of 164,233 shares.
• Wall Street analysts have shown optimism, with HC Wainwright issuing a "buy" rating and a target price of $6.00, signaling potential growth for the stock.
• Institutional investors have been active, with Hedge funds now owning about 11.68% of Galectin Therapeutics, highlighting increased interest in the company.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.76 and traded as high as $3.84. Galectin Therapeutics shares last traded at $3.84, with a volume of 164,233 shares.

Wall Street Analyst Weigh In

GALT has been the topic of several research reports. HC Wainwright initiated coverage on shares of Galectin Therapeutics in a research report on Tuesday, June 17th. They issued a "buy" rating and a $6.00 price target on the stock. Wall Street Zen upgraded shares of Galectin Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st.

Galectin Therapeutics Stock Up 1.9%

The firm's 50-day simple moving average is $2.45 and its 200 day simple moving average is $1.76. The stock has a market capitalization of $243.03 million, a P/E ratio of -5.33 and a beta of 0.82.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.05. As a group, equities analysts anticipate that Galectin Therapeutics Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Galectin Therapeutics

A number of institutional investors have recently bought and sold shares of GALT. Nuveen LLC purchased a new position in Galectin Therapeutics in the 1st quarter worth about $34,000. Two Sigma Securities LLC purchased a new position in Galectin Therapeutics in the 4th quarter worth about $37,000. Bank of America Corp DE increased its stake in Galectin Therapeutics by 101.4% in the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company's stock worth $49,000 after purchasing an additional 19,316 shares in the last quarter. Vivaldi Capital Management LP increased its stake in Galectin Therapeutics by 89.9% in the 4th quarter. Vivaldi Capital Management LP now owns 45,628 shares of the company's stock worth $56,000 after purchasing an additional 21,596 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Galectin Therapeutics by 46.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 51,510 shares of the company's stock worth $66,000 after purchasing an additional 16,412 shares in the last quarter. Hedge funds and other institutional investors own 11.68% of the company's stock.

Galectin Therapeutics Company Profile

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.

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