Galectin Therapeutics (NASDAQ:GALT) Downgraded to “Hold” at Zacks Investment Research

Galectin Therapeutics (NASDAQ:GALT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Separately, ValuEngine raised Galectin Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday, January 7th.

Shares of NASDAQ:GALT traded down $0.05 during trading on Tuesday, reaching $2.89. 120,316 shares of the company traded hands, compared to its average volume of 202,711. The firm has a market capitalization of $164.40 million, a price-to-earnings ratio of -7.61 and a beta of 2.90. Galectin Therapeutics has a 52-week low of $2.72 and a 52-week high of $6.06. The business’s fifty day moving average is $2.95 and its 200-day moving average is $3.50.

Galectin Therapeutics (NASDAQ:GALT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. On average, research analysts forecast that Galectin Therapeutics will post -0.29 EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. Vivaldi Capital Management LLC purchased a new stake in Galectin Therapeutics in the second quarter worth $44,000. Squarepoint Ops LLC lifted its stake in Galectin Therapeutics by 37.5% in the third quarter. Squarepoint Ops LLC now owns 13,901 shares of the company’s stock worth $51,000 after acquiring an additional 3,788 shares during the period. Centaurus Financial Inc. lifted its stake in Galectin Therapeutics by 20,098.8% in the second quarter. Centaurus Financial Inc. now owns 16,563 shares of the company’s stock worth $69,000 after acquiring an additional 16,481 shares during the period. Amussen Hunsaker Associates LLC purchased a new stake in Galectin Therapeutics in the second quarter worth $71,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in Galectin Therapeutics by 19.3% in the second quarter. D. E. Shaw & Co. Inc. now owns 19,498 shares of the company’s stock worth $81,000 after acquiring an additional 3,148 shares during the period. 16.43% of the stock is owned by institutional investors.

About Galectin Therapeutics

Galectin Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, skin, and cancer diseases. The company's lead product candidate includes GR-MD-02 galectin-3 inhibitor, a galactoarabino-rhamnogalacturonan polysaccharide polymer that is in Phase III clinical trial for the treatment of liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis cirrhosis, as well as for the treatment of cancer.

See Also: What is Green Investing?

Get a free copy of the Zacks research report on Galectin Therapeutics (GALT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Galectin Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Galectin Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.