Galectin Therapeutics (NASDAQ:GALT) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Galectin Therapeutics' stock (NASDAQ:GALT) surpassed its 200-day moving average during trading, reaching a price of $4.43 on a volume of 276,192 shares.
• HC Wainwright maintained a "buy" rating for GALT with a target price of $6.00, while the overall consensus rating for the stock is a "buy" with the same price target.
• The company recently reported an EPS of ($0.12) for the quarter, surpassing analysts' expectations of ($0.16) and indicating potential positive momentum for future earnings.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.10 and traded as high as $4.43. Galectin Therapeutics shares last traded at $4.42, with a volume of 276,192 shares changing hands.

Wall Street Analyst Weigh In

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

Galectin Therapeutics Stock Performance

The stock has a market cap of $294.68 million, a P/E ratio of -7.19 and a beta of 0.86. The firm's 50 day moving average is $3.32 and its 200 day moving average is $2.14.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.04. As a group, analysts expect that Galectin Therapeutics Inc. will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GALT. Jane Street Group LLC bought a new position in shares of Galectin Therapeutics during the 2nd quarter worth approximately $1,580,000. Y Intercept Hong Kong Ltd bought a new position in shares of Galectin Therapeutics during the 1st quarter worth approximately $287,000. Vivaldi Capital Management LP raised its stake in shares of 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 acquiring an additional 116,815 shares in the last quarter. Wealthspire Advisors LLC increased its stake in Galectin Therapeutics by 20.4% during the 2nd quarter. Wealthspire Advisors LLC now owns 479,518 shares of the company's stock valued at $1,012,000 after purchasing an additional 81,144 shares in the last quarter. Finally, Truist Financial Corp acquired a new position in Galectin Therapeutics during the 2nd quarter valued at approximately $143,000. 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.