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

Key Points

• Galectin Therapeutics shares broke above their 200-day moving average, reaching $3.84 before closing at $3.71, compared with a 200-day average of $3.29.
• Analyst sentiment is mixed: ratings include one Buy, one Hold and one Sell, producing a consensus Hold rating and an $11.00 price target.
• The company reported a quarterly loss of $0.14 per share, missing estimates by $0.05; institutional investors and hedge funds own approximately 11.68% of the stock.

Galectin Therapeutics Inc. (NASDAQ:GALT - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $3.29 and traded as high as $3.84. Galectin Therapeutics shares last traded at $3.71, with a volume of 119,182 shares.

Analyst Ratings Changes

GALT has been the topic of a number of recent research reports. Zacks Research upgraded Galectin Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Galectin Therapeutics in a report on Monday, September 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $11.00 target price on shares of Galectin Therapeutics in a research 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 company. According to data from MarketBeat.com, Galectin Therapeutics has an average rating of "Hold" and a consensus price target of $11.00.

Galectin Therapeutics Stock Performance

The stock's fifty day moving average price is $3.84 and its two-hundred day moving average price is $3.29. The company has a market cap of $244.34 million, a P/E ratio of -8.63 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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.05). On average, equities research analysts forecast that Galectin Therapeutics Inc. will post -0.30 EPS for the current year.

Institutional Investors Weigh In On Galectin Therapeutics

A number of hedge funds have recently made changes to their positions in GALT. Argyle Capital Partners LLC bought a new position in Galectin Therapeutics in the 2nd quarter valued at approximately $62,000. Archer Investment Corp bought a new stake in shares of Galectin Therapeutics during the second quarter worth about $81,000. Tulsa Wealth Advisors INC bought a new stake in shares of Galectin Therapeutics during the fourth quarter worth about $97,000. Bank of America Corp DE increased its stake in shares of Galectin Therapeutics by 114.9% in the first quarter. Bank of America Corp DE now owns 53,862 shares of the company's stock valued at $150,000 after buying an additional 28,799 shares during the period. Finally, Sovran Advisors LLC increased its stake in shares of 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 buying an additional 31,956 shares during the period. 11.68% of the stock is currently owned by institutional investors and hedge funds.

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.

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