Galecto (NASDAQ:GLTO) Stock Price Up 22.6% – Here’s Why

Galecto, Inc. (NASDAQ:GLTO) shares rose 22.6% during trading on Thursday . The company traded as high as $5.75 and last traded at $5.70. Approximately 49,114 shares were traded during mid-day trading, an increase of 191% from the average daily volume of 16,906 shares. The stock had previously closed at $4.65.

Wall Street Analysts Forecast Growth

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

Galecto Price Performance

The stock has a market capitalization of $7.52 million, a price-to-earnings ratio of -0.30 and a beta of 1.15. The firm’s fifty day moving average is $5.84 and its 200-day moving average is $9.76.

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.