Galectin Therapeutics (NASDAQ:GALT) Stock Passes Above 200 Day Moving Average - What's Next?

Key Points

• Galectin Therapeutics stock has crossed above its 200-day moving average, trading as high as $4.45, a significant increase considering its average of $2.57.
• Analysts have set an average price target of $6.00 for GALT, with one firm upgrading their rating from "sell" to "hold" and another maintaining a "buy" rating.
• Insider trading activity includes the CFO and CEO selling shares, indicating a decrease in their ownership positions, with 50.10% of the stock owned by insiders overall.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.57 and traded as high as $4.45. Galectin Therapeutics shares last traded at $4.25, with a volume of 227,153 shares.

Analysts Set New Price Targets

Several research 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 21st. HC Wainwright restated a "buy" rating and issued a $6.00 price target on shares of Galectin Therapeutics in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, Galectin Therapeutics has an average rating of "Buy" and an average price target of $6.00.

Galectin Therapeutics Stock Performance

The stock has a market capitalization of $272.26 million, a price-to-earnings ratio of -6.64 and a beta of 0.85. The company has a fifty day simple moving average of $4.20 and a two-hundred day simple moving average of $2.57.

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

Insider Buying and Selling at Galectin Therapeutics

In other Galectin Therapeutics news, CFO Jack W. Callicutt sold 8,706 shares of Galectin Therapeutics stock in a transaction on Friday, September 12th. The stock was sold at an average price of $6.44, for a total value of $56,066.64. Following the completion of the transaction, the chief financial officer directly owned 7,614 shares of the company's stock, valued at $49,034.16. The trade was a 53.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joel Lewis sold 14,000 shares of Galectin Therapeutics stock in a transaction on Friday, September 12th. The shares were sold at an average price of $6.36, for a total value of $89,040.00. Following the completion of the transaction, the chief executive officer directly owned 832,592 shares of the company's stock, valued at $5,295,285.12. This represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 50.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Galectin Therapeutics

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Galectin Therapeutics by 46.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 51,510 shares of the company's stock worth $66,000 after buying an additional 16,412 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of Galectin Therapeutics by 244.1% during the 1st quarter. HighTower Advisors LLC now owns 77,375 shares of the company's stock worth $94,000 after buying an additional 54,889 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Galectin Therapeutics during the 1st quarter worth $287,000. Nuveen LLC acquired a new position in shares of Galectin Therapeutics during the 1st quarter worth $34,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Galectin Therapeutics by 8.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 423,235 shares of the company's stock worth $516,000 after buying an additional 34,300 shares in the last quarter. Institutional investors and hedge funds own 11.68% of the company's stock.

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.

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