MAI Capital Management LLC recently announced the acquisition of new stake in Galecto Inc. (NASDAQ:GLTO). The institutional investor has increased its shareholding in the Healthcare company by 5.63% to 0.34 million shares with purchase of 18055.0 shares. This fresh investment now brings its stake to 1.33% valued currently at $0.39 million. In addition, Federated Equity Management Compa raised its holdings by 20000.0 to 60000.0 shares. And Merrill Lynch, Pierce, Fenner & S has lifted its position by 26.55% or 9826.0 shares – to 46838.0 shares.
With over 0.12 million Galecto Inc. (GLTO) shares trading Monday and a closing price of $2.01 on the day, the dollar volume was approximately $0.25 million. The shares have shown a positive half year performance of 20.36% and its price on 01/23/23 gained nearly 7.49%. Currently, there are 25.49M common shares owned by the public and among those 25.48M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for GLTO have a consensus price objective of $9.25. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $6.00. The average price target is 78.27% above its recent price level and an upside to the estimated low will see the stock gain 66.5% over that period. But an upside of 84.54% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
Insiders at the company have transacted a total of 2 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 2 of these insider trades were purchases, accounting for 19,604 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Galecto Inc. are Stichting Pensioenfonds ABP, Biotech Growth Trust Plc, and Bridgeway Ultra Small Company Mar. Stichting Pensioenfonds ABP owns 0.38 million shares of the company’s stock, all valued at over $0.43 million. The company bought an additional 52486.0 shares recently to bring their total holdings to about 1.47% of the shares outstanding. Biotech Growth Trust Plc sold 228.0 shares to see its total holdings shrink to 0.29 million shares valued at over $0.33 million and representing 1.12% of the shares outstanding. Bridgeway Ultra Small Company Mar now owns shares totaling to 0.65% of the shares outstanding.
However, the script later moved the day high at 2.1000, up 7.49%. The company’s stock has a 5-day price change of -6.94% and 15.52% over the past three months. GLTO shares are trading 74.78% year to date (YTD), with the 12-month market performance down to -13.36% lower. It has a 12-month low price of $1.04 and touched a high of $2.80 over the same period. GLTO has an average intraday trading volume of 62.13K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 29.30%, 30.37%, and 9.83% respectively.
Institutional ownership of Galecto Inc. (NASDAQ: GLTO) shares accounts for 41.60% of the company’s 25.49M shares outstanding. Mutual fund holders own 4.29%, while other institutional holders and individual stakeholders account for 5.63% and 0.40% respectively.
It has a market capitalization of $49.22M. The earnings-per-share (ttm) stands at -$2.41. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.01% over the week and 12.78% over the month.
Analysts forecast that Galecto Inc. (GLTO) will achieve an EPS of -$0.68 for the current quarter, -$0.59 for the next quarter and -$1.86 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.68 while analysts give the company a high EPS estimate of -$0.68. Comparatively, EPS for the current quarter was -$0.49 a year ago. Earnings per share for the fiscal year are expected to decrease by -48.60%, and 25.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Galecto Inc. (GLTO) as a “Strong Buy” at a consensus score of 1.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GLTO, a number of firms have released research notes about the stock. Credit Suisse stated their Outperform rating for the stock in a research note on April 26, 2021, with the firm’s price target at $12. SVB Leerink coverage for the Galecto Inc. (GLTO) stock in a research note released on November 23, 2020 offered a Outperform rating with a price target of $27. Credit Suisse was of a view on November 23, 2020 that the stock is Outperform, while BofA Securities gave the stock Buy rating on November 23, 2020, issuing a price target of $21.
