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

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.64 and traded as high as $3.35. Galectin Therapeutics shares last traded at $3.30, with a volume of 378,476 shares traded.

Analyst Upgrades and Downgrades

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

Galectin Therapeutics Stock Performance

The business has a fifty day simple moving average of $2.20 and a 200 day simple moving average of $1.67. The stock has a market cap of $231.01 million, a price-to-earnings ratio of -5.07 and a beta of 0.70.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Retirement Guys Formula LLC lifted its stake in shares of Galectin Therapeutics by 2.7% during the 2nd quarter. Retirement Guys Formula LLC now owns 159,593 shares of the company's stock worth $337,000 after purchasing an additional 4,250 shares during the period. Geode Capital Management LLC raised its position in shares of Galectin Therapeutics by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 870,589 shares of the company's stock worth $1,124,000 after buying an additional 8,047 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Galectin Therapeutics by 17.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 60,750 shares of the company's stock worth $128,000 after buying an additional 9,200 shares during the period. Northern Trust Corp raised its position in shares of Galectin Therapeutics by 4.3% in the 4th quarter. Northern Trust Corp now owns 244,274 shares of the company's stock worth $315,000 after buying an additional 9,994 shares during the period. Finally, Sovran Advisors LLC raised its position in shares of Galectin Therapeutics by 7.4% in the 1st quarter. Sovran Advisors LLC now owns 199,830 shares of the company's stock worth $244,000 after buying an additional 13,816 shares during the period. Hedge funds and other institutional investors 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.