Galectin Therapeutics (NASDAQ:GALT) Shares Pass Above Two Hundred Day Moving Average - What's Next?

Key Points

• Galectin Therapeutics shares moved above their 200-day moving average, reaching $4.60 before closing at $4.35, compared with a 200-day average of $3.10.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, while HC Wainwright maintained a Buy rating with an $11 price target. The company also missed quarterly EPS estimates, reporting a $0.14 loss versus the expected $0.09 loss.
• Insiders sold 89,594 shares worth about $436,703 during the latest quarter, although insiders still own 52.6% of the company; institutional ownership stands at 11.68%.

Shares of Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.10 and traded as high as $4.60. Galectin Therapeutics shares last traded at $4.35, with a volume of 244,140 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 target price on shares of Galectin Therapeutics in a report on Tuesday, June 23rd. Wall Street Zen upgraded shares of Galectin Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 13th. Zacks Research raised shares of Galectin Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings upgraded shares of Galectin Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Galectin Therapeutics presently has an average rating of "Hold" and a consensus price target of $11.00.

Galectin Therapeutics Stock Performance

The company has a 50-day moving average price of $3.90 and a 200-day moving average price of $3.10. The firm has a market capitalization of $286.49 million, a price-to-earnings ratio of -10.12 and a beta of 0.38.

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

Insider Activity at Galectin Therapeutics

In other news, Director Harold H. Shlevin sold 22,268 shares of the business's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $5.04, for a total transaction of $112,230.72. Following the completion of the sale, the director owned 6,500 shares in the company, valued at approximately $32,760. The trade was a 77.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Khurram Jamil sold 47,467 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 transaction of $239,233.68. Following the completion of the transaction, the insider owned 2,037 shares of the company's stock, valued at approximately $10,266.48. The trade was a 95.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 89,594 shares of company stock worth $436,703 over the last quarter. 52.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Galectin Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of GALT. JPMorgan Chase & Co. boosted its stake in Galectin Therapeutics by 25.4% in the third quarter. JPMorgan Chase & Co. now owns 15,470 shares of the company's stock valued at $66,000 after acquiring an additional 3,133 shares in the last quarter. Royal Bank of Canada increased its position in shares of Galectin Therapeutics by 1,197.3% during the fourth quarter. Royal Bank of Canada now owns 6,175 shares of the company's stock worth $25,000 after purchasing an additional 5,699 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Galectin Therapeutics during the fourth quarter worth about $43,000. State Street Corp lifted its holdings in shares of Galectin Therapeutics by 5.2% in the 4th quarter. State Street Corp now owns 242,232 shares of the company's stock valued at $1,008,000 after purchasing an additional 11,892 shares during the last quarter. Finally, Argyle Capital Partners LLC purchased a new stake in shares of Galectin Therapeutics in the 2nd quarter valued at about $62,000. 11.68% of the stock is currently owned by institutional investors and hedge funds.

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.

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.

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