Galectin Therapeutics (NASDAQ:GALT) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Galectin Therapeutics Inc. (NASDAQ:GALT) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.99 and traded as high as $3.60. Galectin Therapeutics shares last traded at $3.24, with a volume of 403,293 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GALT shares. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of Galectin Therapeutics in a research note on Tuesday, June 23rd. Weiss Ratings upgraded Galectin Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Zacks Research lowered Galectin Therapeutics from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Wall Street Zen upgraded Galectin Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $11.00.

Galectin Therapeutics Price Performance

The firm has a market cap of $213.39 million, a P/E ratio of -7.90 and a beta of 0.35. The stock’s 50 day moving average is $3.46 and its two-hundred day moving average is $2.99.

Galectin Therapeutics (NASDAQ:GALT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). As a group, research analysts forecast that Galectin Therapeutics Inc. will post -0.37 EPS for the current fiscal year.

Insider Activity at Galectin Therapeutics

In other Galectin Therapeutics news, insider Khurram Jamil sold 47,467 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $5.04, for a total value of $239,233.68. Following the sale, the insider directly owned 2,037 shares in the company, valued at $10,266.48. This represents a 95.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Harold H. Shlevin sold 22,268 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $5.04, for a total value of $112,230.72. Following the completion of the sale, the director owned 6,500 shares in the company, valued at $32,760. This trade represents a 77.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 90,162 shares of company stock valued at $438,464 in the last 90 days. 52.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Galectin Therapeutics by 1,197.3% in the 4th quarter. Royal Bank of Canada now owns 6,175 shares of the company’s stock valued at $25,000 after purchasing an additional 5,699 shares in the last quarter. Invesco Ltd. bought a new stake in shares of Galectin Therapeutics in the 4th quarter worth about $43,000. Bank of America Corp DE increased its position in shares of Galectin Therapeutics by 101.4% during the 4th quarter. Bank of America Corp DE now owns 38,358 shares of the company’s stock worth $49,000 after purchasing an additional 19,316 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Galectin Therapeutics during the 4th quarter worth about $59,000. Finally, Marshall Wace LLP bought a new position in Galectin Therapeutics during the 2nd quarter valued at about $64,000. 11.68% of the stock is owned by institutional investors.

Galectin Therapeutics Company Profile

Galectin Therapeutics, Inc is a clinical-stage biotechnology company focused on the development of novel therapies that target galectin proteins, which are implicated in fibrotic, inflammatory and malignant diseases. The company’s lead product candidate, belapectin (formerly GR-MD-02), is a galectin-3 inhibitor being evaluated in Phase 2 clinical trials for nonalcoholic steatohepatitis (NASH) with cirrhosis. In addition to its core pipeline in fibrotic liver disease, Galectin Therapeutics continues to explore the potential of its galectin inhibitors in oncology and other indications driven by abnormal tissue remodeling.

Founded in 2000, the company is headquartered in Norcross, Georgia, where it oversees discovery research, preclinical studies and clinical trial coordination.