Insider Selling: Galectin Therapeutics (NASDAQ:GALT) CFO Sells 8,706 Shares of Stock

Key Points

• Galectin Therapeutics CFO Jack Callicutt sold 8,706 shares at an average price of $6.44, representing a 53.35% decrease in his ownership, leaving him with 7,614 shares valued at approximately $49,034.16.
• The company's stock recently declined by 19.5%, trading at $4.33 with a market capitalization of $277.06 million.
• Despite challenges, analysts maintain a consensus "Buy" rating for Galectin Therapeutics, with an average target price of $6.00.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) CFO Jack Callicutt sold 8,706 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $6.44, for a total transaction of $56,066.64. Following the sale, the chief financial officer owned 7,614 shares of the company's stock, valued at approximately $49,034.16. This represents a 53.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Galectin Therapeutics Stock Down 19.5%

GALT traded down $1.05 during mid-day trading on Monday, reaching $4.33. 827,055 shares of the company traded hands, compared to its average volume of 406,565. The stock has a market capitalization of $277.06 million, a P/E ratio of -6.79 and a beta of 0.86. The company's fifty day moving average price is $3.67 and its 200-day moving average price is $2.30. Galectin Therapeutics Inc. has a 52-week low of $0.73 and a 52-week high of $6.55.

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

Institutional Trading of Galectin Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp increased its position in shares of Galectin Therapeutics by 4.3% during the fourth quarter. Northern Trust Corp now owns 244,274 shares of the company's stock worth $315,000 after acquiring an additional 9,994 shares during the period. Bank of America Corp DE increased its position in shares of Galectin Therapeutics by 101.4% during the fourth quarter. Bank of America Corp DE now owns 38,358 shares of the company's stock worth $49,000 after acquiring an additional 19,316 shares during the period. Vivaldi Capital Management LP boosted its stake in shares of Galectin Therapeutics by 89.9% during the fourth quarter. Vivaldi Capital Management LP now owns 45,628 shares of the company's stock valued at $56,000 after purchasing an additional 21,596 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Galectin Therapeutics by 46.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 51,510 shares of the company's stock valued at $66,000 after purchasing an additional 16,412 shares in the last quarter. Finally, Sovran Advisors LLC boosted its stake in shares of Galectin Therapeutics by 7.4% during the first quarter. Sovran Advisors LLC now owns 199,830 shares of the company's stock valued at $244,000 after purchasing an additional 13,816 shares in the last quarter. 11.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GALT. HC Wainwright reissued a "buy" rating and set 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 report on Saturday, June 21st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Galectin Therapeutics currently has a consensus rating of "Buy" and an average target price of $6.00.

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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