Galectin Therapeutics (NASDAQ:GALT) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Galectin Therapeutics shares rose above their 200-day moving average, reaching $3.86 before closing at $3.62, compared with the 200-day average of $3.25.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an $11.00 price target, with ratings ranging from Buy to Sell.
• The company reported a quarterly loss of $0.14 per share, missing the $0.09 consensus estimate; institutional investors own approximately 11.68% of the stock.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $3.25 and traded as high as $3.86. Galectin Therapeutics shares last traded at $3.62, with a volume of 175,997 shares.

Wall Street Analysts Forecast Growth

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

Galectin Therapeutics Trading Down 3.7%

The firm's 50-day moving average is $3.76 and its two-hundred day moving average is $3.25. The stock has a market cap of $238.41 million, a price-to-earnings ratio of -8.42 and a beta of 0.38.

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

Hedge Funds Weigh In On Galectin Therapeutics

A number of institutional investors have recently added to or reduced their stakes in GALT. Vivaldi Capital Management LP grew its holdings in Galectin Therapeutics by 26.7% in the 1st quarter. Vivaldi Capital Management LP now owns 258,584 shares of the company's stock valued at $721,000 after buying an additional 54,514 shares in the last quarter. Sovran Advisors LLC raised its holdings in shares of Galectin Therapeutics by 14.1% during the 1st quarter. Sovran Advisors LLC now owns 257,830 shares of the company's stock worth $719,000 after acquiring an additional 31,956 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Galectin Therapeutics during the 2nd quarter valued at about $491,000. Renaissance Technologies LLC acquired a new position in shares of Galectin Therapeutics during the 1st quarter valued at about $413,000. Finally, Hopwood Nicholas Hunter purchased a new stake in shares of Galectin Therapeutics in the second quarter valued at about $322,000. Hedge funds and other institutional investors own 11.68% of the company's stock.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc NASDAQ: GALT is a biotechnology company focused on developing therapies that target galectin-3, a protein believed to play a role in fibrosis, inflammation and cancer biology. The company's research is aimed at addressing serious chronic diseases for which treatment options remain limited.

Galectin Therapeutics' lead investigational product is belapectin, also known as GR-MD-02. The drug is designed to inhibit galectin-3 and has been studied primarily in patients with advanced liver disease, including nonalcoholic steatohepatitis (NASH) with cirrhosis and portal hypertension.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.