Galectin Therapeutics (NASDAQ:GALT) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Galectin Therapeutics (NASDAQ:GALT) moved above its 200-day moving average on Wednesday, briefly trading as high as $3.87 before last changing hands at $3.50.
• Analyst sentiment remains mixed: HC Wainwright kept a $11 price target and a buy rating, while other firms issued hold or sell calls, leaving the consensus at “Reduce.”
• The company recently reported a quarterly EPS miss of -$0.08 versus expectations of -$0.06, and insiders have also been selling shares, including large June sales by an executive and a director.

Shares of Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.00 and traded as high as $3.87. Galectin Therapeutics shares last traded at $3.50, with a volume of 494,190 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Galectin Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, June 13th. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. Weiss Ratings upgraded shares of Galectin Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. Finally, Zacks Research cut shares of Galectin Therapeutics from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $11.00.

Galectin Therapeutics Trading Down 9.1%

The stock has a market capitalization of $230.51 million, a P/E ratio of -8.54 and a beta of 0.35. The company has a 50-day moving average price of $3.32 and a 200 day moving average price of $3.00.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.02). As a group, research analysts expect that Galectin Therapeutics Inc. will post -0.37 earnings per share for the current year.

Insider Activity at Galectin Therapeutics

In related news, insider Khurram Jamil sold 47,467 shares of the firm's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $5.04, for a total transaction of $239,233.68. Following the completion of the transaction, the insider owned 2,037 shares of the company's stock, valued at $10,266.48. This trade represents a 95.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harold H. Shlevin sold 22,268 shares of Galectin Therapeutics stock in a transaction on Monday, June 29th. The shares were sold at an average price of $5.04, for a total transaction of $112,230.72. Following the completion of the transaction, the director directly owned 6,500 shares of the company's stock, valued at $32,760. The trade was a 77.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 90,162 shares of company stock worth $438,464. 52.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GALT. JPMorgan Chase & Co. increased its position in shares of Galectin Therapeutics by 25.4% during the third quarter. JPMorgan Chase & Co. now owns 15,470 shares of the company's stock valued at $66,000 after acquiring an additional 3,133 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Galectin Therapeutics by 1,197.3% in the 4th quarter. Royal Bank of Canada now owns 6,175 shares of the company's stock worth $25,000 after acquiring an additional 5,699 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Galectin Therapeutics in the 4th quarter worth approximately $43,000. State Street Corp boosted its position in shares of Galectin Therapeutics by 5.2% during the 4th 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. Finally, Cetera Investment Advisers purchased a new position in shares of Galectin Therapeutics during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 11.68% of the company's stock.

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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