Galectin Therapeutics (NASDAQ:GALT) Raised to Strong-Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Galectin Therapeutics (NASDAQ:GALT) from a hold rating to a strong-buy rating in a report released on Tuesday morning, reports. They currently have $4.50 price objective on the stock.

According to Zacks, “Galectin Therapeutics Inc. is a drug development company engaged in the development new therapies for fibrotic disease and cancer. The Company uses its carbohydrate technology that targets galectin proteins, the key mediators of biologic and pathologic function. Galectin Therapeutics uses naturally occurring carbohydrate polymers with galactose residues to create complex carbohydrates with specific molecular weights. Galectin Therapeutics, formerly known as Pro-Pharmaceuticals, Inc. is headquartered in Newton, Massachusetts. “

Separately, ValuEngine cut shares of Zymeworks from a buy rating to a hold rating in a research report on Saturday, May 18th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $9.17.

GALT stock traded up $0.01 during mid-day trading on Tuesday, reaching $3.92. 18,240 shares of the stock traded hands, compared to its average volume of 411,388. Galectin Therapeutics has a one year low of $3.17 and a one year high of $6.98. The firm has a market cap of $178.71 million, a PE ratio of -10.32 and a beta of 3.16. The company has a 50-day simple moving average of $3.93.

Galectin Therapeutics (NASDAQ:GALT) last posted its quarterly earnings data on Friday, May 10th. The company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.06. On average, equities analysts expect that Galectin Therapeutics will post -0.45 EPS for the current year.

In related news, Director Richard E. Uihlein bought 4,680,606 shares of the stock in a transaction dated Friday, May 31st. The stock was purchased at an average cost of $4.28 per share, with a total value of $20,032,993.68. Following the completion of the purchase, the director now owns 3,128,489 shares of the company’s stock, valued at $13,389,932.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 45.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of GALT. MML Investors Services LLC raised its holdings in Galectin Therapeutics by 55.8% in the fourth quarter. MML Investors Services LLC now owns 26,926 shares of the company’s stock worth $92,000 after purchasing an additional 9,642 shares in the last quarter. Belpointe Asset Management LLC bought a new position in Galectin Therapeutics in the first quarter worth about $138,000. WINTON GROUP Ltd raised its holdings in Galectin Therapeutics by 37.5% in the second quarter. WINTON GROUP Ltd now owns 40,279 shares of the company’s stock worth $167,000 after purchasing an additional 10,986 shares in the last quarter. BT Wealth Management LLC bought a new position in Galectin Therapeutics in the fourth quarter worth about $249,000. Finally, Tibra Equities Europe Ltd bought a new position in Galectin Therapeutics in the first quarter worth about $371,000. 15.92% of the stock is owned by hedge funds and other institutional investors.

About Galectin Therapeutics

Galectin Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, skin, and cancer diseases. The company's lead product candidate includes GR-MD-02 galectin-3 inhibitor, a galactoarabino-rhamnogalacturonan polysaccharide polymer that is in Phase III clinical trial for the treatment of liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis cirrhosis, as well as for the treatment of cancer.

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