Galectin Therapeutics Inc. (NASDAQ:GALT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm presently has a $1.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.11% from the stock’s current price.
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. “
A number of other brokerages have also recently commented on GALT. Roth Capital reiterated a “sell” rating and set a $0.75 target price (down previously from $3.00) on shares of Galectin Therapeutics in a report on Wednesday, September 28th. FBR & Co reiterated a “buy” rating on shares of Galectin Therapeutics in a report on Friday, August 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Galectin Therapeutics in a report on Thursday, August 4th.
Shares of Galectin Therapeutics (NASDAQ:GALT) traded up 1.11% during midday trading on Monday, hitting $0.90. The stock had a trading volume of 88,966 shares. Galectin Therapeutics has a 12-month low of $0.49 and a 12-month high of $3.05. The stock has a 50-day moving average price of $0.83 and a 200-day moving average price of $1.43. The stock’s market cap is $26.46 million.
Several hedge funds and other institutional investors have recently modified their holdings of the company. D.A. Davidson & CO. raised its position in shares of Galectin Therapeutics by 5.9% in the third quarter. D.A. Davidson & CO. now owns 602,731 shares of the company’s stock valued at $681,000 after buying an additional 33,382 shares during the period. Courage Capital Management LLC purchased a new position in shares of Galectin Therapeutics during the third quarter valued at $147,000. KCG Holdings Inc. purchased a new position in shares of Galectin Therapeutics during the third quarter valued at $114,000. Benchmark Capital Advisors raised its position in shares of Galectin Therapeutics by 98.3% in the third quarter. Benchmark Capital Advisors now owns 118,200 shares of the company’s stock valued at $134,000 after buying an additional 58,600 shares during the period. Finally, Advisor Group Inc. increased its stake in shares of Galectin Therapeutics by 3.8% in the third quarter. Advisor Group Inc. now owns 413,125 shares of the company’s stock valued at $467,000 after buying an additional 15,200 shares in the last quarter. 10.19% of the stock is currently owned by institutional investors and hedge funds.
Galectin Therapeutics Company Profile
Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions.