Galecto (NASDAQ:GLTO) Stock Price Down 7.5% – Here’s What Happened

Shares of Galecto, Inc. (NASDAQ:GLTO) were down 7.5% during mid-day trading on Wednesday . The company traded as low as $3.12 and last traded at $3.32. Approximately 18,360 shares were traded during trading, a decline of 25% from the average daily volume of 24,599 shares. The stock had previously closed at $3.59.

Galecto Stock Performance

The stock’s 50-day moving average price is $3.39 and its 200-day moving average price is $3.69. The company has a market capitalization of $4.38 million, a price-to-earnings ratio of -0.21 and a beta of 1.35.

Galecto (NASDAQ:GLTO) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.92) earnings per share for the quarter. Analysts anticipate that Galecto, Inc. will post -15.91 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Galecto stock. Squarepoint Ops LLC bought a new position in Galecto, Inc. (NASDAQ:GLTO) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,701 shares of the company’s stock, valued at approximately $59,000. Squarepoint Ops LLC owned 0.96% of Galecto as of its most recent filing with the Securities and Exchange Commission. 14.20% of the stock is currently owned by institutional investors.

About Galecto

Galecto, Inc, a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis.