Galectin Therapeutics (NASDAQ:GALT) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• GALT shares rose above their 200-day moving average, reaching $4.02 before closing at $3.96, compared with a 200-day average of $3.18.
• Analyst sentiment remains mixed, with ratings ranging from sell to buy; the overall consensus is “Hold” with an $11.00 price target.
• The company reported a quarterly loss of $0.14 per share, missing estimates by $0.05, while insiders sold approximately 82,037 shares worth $412,974 over the past three months.

Shares of Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.18 and traded as high as $4.02. Galectin Therapeutics shares last traded at $3.96, with a volume of 258,375 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GALT shares. Wall Street Zen raised Galectin Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Galectin Therapeutics in a research report on Monday, September 14th. Zacks Research upgraded shares of Galectin Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, HC Wainwright reissued a "buy" rating and set a $11.00 target price on shares of Galectin Therapeutics in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $11.00.

Galectin Therapeutics Stock Up 1.8%

The business's 50 day moving average is $3.77 and its 200-day moving average is $3.18. The firm has a market cap of $260.81 million, a P/E ratio of -9.21 and a beta of 0.38.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05). As a group, equities analysts predict that Galectin Therapeutics Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other Galectin Therapeutics news, insider Khurram Jamil sold 47,467 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $5.04, for a total transaction of $239,233.68. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harold Shlevin sold 22,268 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $112,230.72. Following the transaction, the director directly owned 6,500 shares in the company, valued at approximately $32,760. This represents a 77.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 82,037 shares of company stock valued at $412,974. 52.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galectin Therapeutics

A number of hedge funds have recently added to or reduced their stakes in GALT. Renaissance Technologies LLC bought a new stake in shares of Galectin Therapeutics during the 1st quarter valued at about $413,000. Bank of New York Mellon Corp bought a new position in Galectin Therapeutics in the second quarter worth about $491,000. Hopwood Nicholas Hunter bought a new position in Galectin Therapeutics in the second quarter worth about $322,000. Vivaldi Capital Management LP lifted its holdings in Galectin Therapeutics by 26.7% in the first quarter. Vivaldi Capital Management LP now owns 258,584 shares of the company's stock worth $721,000 after acquiring an additional 54,514 shares during the last quarter. Finally, Sovran Advisors LLC boosted its stake in Galectin Therapeutics by 14.1% in the first quarter. Sovran Advisors LLC now owns 257,830 shares of the company's stock valued at $719,000 after acquiring an additional 31,956 shares during the period. Institutional investors and hedge funds own 11.68% of the company's stock.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing therapies that target galectin-3, a protein associated with fibrosis, inflammation and immune-system regulation. The company's research is aimed at addressing serious diseases for which treatment options remain limited.

Its lead product candidate is belapectin, an investigational galectin-3 inhibitor designed to reduce fibrotic activity and potentially improve liver-related complications. Galectin Therapeutics has primarily evaluated belapectin in patients with metabolic dysfunction-associated steatohepatotic cirrhosis, formerly referred to as nonalcoholic steatohepatitis cirrhosis, including complications such as portal hypertension and esophageal varices.

Galectin Therapeutics conducts its development activities through clinical research and collaborations in the United States and other relevant markets.

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