Galectin Therapeutics (NASDAQ:GALT) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Galectin Therapeutics shares crossed above their 200-day moving average, reaching $4.01 before closing at $3.91, compared with a 200-day average of $3.15.
• Analyst sentiment remains mixed but centers on a “Hold” consensus; the average price target is $11, including an $11 buy-rated target from HC Wainwright.
• The company reported a quarterly loss of $0.14 per share, worse than the $0.09 expected, while insiders sold roughly 89,594 shares worth $436,703 over the past three months.

Shares of Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.15 and traded as high as $4.01. Galectin Therapeutics shares last traded at $3.91, with a volume of 243,553 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. 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 upgraded shares of Galectin Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. HC Wainwright restated a "buy" rating and issued a $11.00 price target on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. Finally, Weiss Ratings raised Galectin Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $11.00.

Galectin Therapeutics Trading Up 0.3%

The firm has a 50 day moving average price of $3.85 and a 200-day moving average price of $3.15. The firm has a market cap of $257.51 million, a PE ratio of -9.09 and a beta of 0.38.

Galectin Therapeutics (NASDAQ:GALT - Get Free Report) last released 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). Equities analysts forecast that Galectin Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Galectin Therapeutics news, Director Harold Shlevin sold 22,268 shares of the stock in a transaction that occurred 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 sale, the director directly owned 6,500 shares of the company's stock, valued at approximately $32,760. This represents a 77.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Khurram Jamil sold 47,467 shares of the firm'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 sale, the insider owned 2,037 shares in the company, valued at $10,266.48. The trade was a 95.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 89,594 shares of company stock worth $436,703. Insiders own 52.60% of the company's stock.

Institutional Trading of Galectin Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its position in shares of Galectin Therapeutics by 1,197.3% during the 4th quarter. Royal Bank of Canada now owns 6,175 shares of the company's stock worth $25,000 after acquiring an additional 5,699 shares in the last quarter. Invesco Ltd. purchased a new position in shares of Galectin Therapeutics in the 4th quarter valued at about $43,000. Bank of America Corp DE raised its position in shares of Galectin Therapeutics by 101.4% during the 4th 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 in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Galectin Therapeutics during the 4th quarter worth about $59,000. Finally, Argyle Capital Partners LLC acquired a new stake in shares of Galectin Therapeutics during the 2nd quarter worth about $62,000. 11.68% of the stock is currently owned by institutional investors and hedge funds.

Galectin Therapeutics Company Profile

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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