Galecto, Inc. (NASDAQ:GLTO) Short Interest Up 97.9% in November

Galecto, Inc. (NASDAQ:GLTO) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 9,500 shares, an increase of 97.9% from the October 31st total of 4,800 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 39,900 shares, the short-interest ratio is presently 0.2 days.

Galecto Stock Down 3.8 %

GLTO stock traded down $0.21 during trading on Friday, hitting $5.30. The company had a trading volume of 29,074 shares, compared to its average volume of 16,691. Galecto has a 52-week low of $5.30 and a 52-week high of $23.50. The company has a 50 day simple moving average of $7.72 and a 200-day simple moving average of $11.38. The firm has a market capitalization of $7.00 million, a P/E ratio of -0.28 and a beta of 1.24.

Analyst Ratings Changes

Separately, Oppenheimer upped their price objective on Galecto from $9.00 to $10.00 and gave the company an “outperform” rating in a research 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.