Galectin Therapeutics (NASDAQ:GALT) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Galectin Therapeutics shares rose 4% and crossed above their 200-day moving average of $3.04, reaching $4.21 before closing at $4.15.
• Analyst sentiment is mixed but has improved, with ratings ranging from Sell to Buy; the consensus rating is Hold with an average price target of $11.00.
• The company missed quarterly earnings expectations, reporting a loss of $0.14 per share versus the $0.09 expected. Meanwhile, insiders sold 89,594 shares worth about $436,703 over the past 90 days.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.04 and traded as high as $4.21. Galectin Therapeutics shares last traded at $4.15, with a volume of 291,096 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Galectin Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. Zacks Research raised Galectin Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded Galectin Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $11.00 price objective on shares of Galectin Therapeutics in a research note 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 given a Sell rating to the company's stock. According to MarketBeat.com, Galectin Therapeutics currently has a consensus rating of "Hold" and an average target price of $11.00.

Galectin Therapeutics Stock Up 4.0%

The business's 50-day moving average price is $3.80 and its 200 day moving average price is $3.04. The company has a market capitalization of $273.32 million, a P/E ratio of -9.65 and a beta of 0.41.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.05). Analysts anticipate that Galectin Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Harold H. Shlevin sold 22,268 shares of the company's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $112,230.72. Following the transaction, the director owned 6,500 shares of the company's stock, valued at approximately $32,760. This represents a 77.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Khurram Jamil sold 47,467 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 2,037 shares in the company, valued at approximately $10,266.48. The trade was a 95.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 89,594 shares of company stock valued at $436,703 over the last 90 days. Company insiders own 52.60% of the company's stock.

Hedge Funds Weigh In On Galectin Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Galectin Therapeutics by 2.9% in the 3rd quarter. Vanguard Group Inc. now owns 2,247,967 shares of the company's stock valued at $9,520,000 after acquiring an additional 63,419 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Galectin Therapeutics during the second quarter worth about $1,580,000. Marshall Wace LLP increased its position in shares of Galectin Therapeutics by 8.6% in the fourth quarter. Marshall Wace LLP now owns 602,134 shares of the company's stock worth $2,505,000 after purchasing an additional 47,873 shares during the last quarter. Wealthspire Advisors LLC increased its position in shares of Galectin Therapeutics by 25.5% in the fourth quarter. Wealthspire Advisors LLC now owns 601,973 shares of the company's stock worth $2,504,000 after purchasing an additional 122,455 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Galectin Therapeutics by 13.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 334,096 shares of the company's stock valued at $1,390,000 after purchasing an additional 39,195 shares in the last quarter. 11.68% of the stock is currently owned by institutional investors.

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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