Short Interest in Galecto, Inc. (NASDAQ:GLTO) Grows By 97.9%

Galecto, Inc. (NASDAQ:GLTO) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 9,500 shares, a growth of 97.9% from the October 31st total of 4,800 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average daily volume of 39,900 shares, the days-to-cover ratio is currently 0.2 days.

Galecto Stock Down 3.8 %

NASDAQ GLTO traded down $0.21 during trading on Friday, hitting $5.30. 29,074 shares of the stock traded hands, compared to its average volume of 16,691. Galecto has a 12-month low of $5.30 and a 12-month high of $23.50. The firm has a 50-day simple moving average of $7.72 and a 200-day simple moving average of $11.38. The company has a market capitalization of $7.00 million, a P/E ratio of -0.28 and a beta of 1.24.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer boosted their target price on shares of Galecto from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th.

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.