Galecto Inc.’s recent filing unveils that its 10% Owner ORBIMED ADVISORS LLC unloaded Company’s shares for reported $0.62 million on Aug 15. In the deal valued at $0.75 per share,822,680 shares were sold. As a result of this transaction, ORBIMED ADVISORS LLC now holds 97,204 shares worth roughly $ 57350.36.
Then, ORBIMED ADVISORS LLC sold 209,400 shares, generating $628,200 in total proceeds. Upon selling the shares at $3.00, the 10% Owner now owns 135,531 shares.
Before that, ORBIMED ADVISORS LLC sold 39,200 shares. Galecto Inc. shares valued at $114,464 were divested by the 10% Owner at a price of $2.92 per share. As a result of the transaction, ORBIMED ADVISORS LLC now holds 162,153 shares, worth roughly $95670.26999999999.
PT values the company’s stock at a premium of 95.08 to its Friday closing price.
Price Performance Review of GLTO
On Friday, Galecto Inc. [NASDAQ:GLTO] saw its stock fall -2.48% to $0.59. On the same session, the stock had its day’s lowest price of $0.5861, but rose to a high of $0.6296. Over the last five days, the stock has gained 0.84%. Galecto Inc. shares have fallen nearly -48.70% since the year began. Nevertheless, the stocks have fallen -72.56% over the past one year. While a 52-week high of $3.70 was reached on 07/26/23, a 52-week low of $0.54 was recorded on 08/25/23. SMA at 50 days reached $2.0496, while 200 days put it at $1.9944. A total of 0.48 million shares were traded, compared to the trading of 0.29 million shares in the previous session.
Levels Of Support And Resistance For GLTO Stock
The 24-hour chart illustrates a support level at 0.5742, which if violated will result in even more drops to 0.5584. On the upside, there is a resistance level at 0.6177. A further resistance level may holdings at 0.6454. The Relative Strength Index (RSI) on the 14-day chart is 23.37, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0271, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 91.52%. Stochastics %K at 4.42% indicates the stock is a buying.
How much short interest is there in Galecto Inc.?
A steep rise in short interest was recorded in Galecto Inc. stocks on Aug 14, 2023, growing by 0.35 million shares to a total of 0.39 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 45290.0 shares. There was a rise of 88.52%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.95% of the overall stock float, the days-to-cover ratio (short ratio) rose to 0.47.
Galecto Inc. [GLTO] – Who Are The Largest Shareholders?
In filings from Cormorant Asset Management LP, it is revealed that the company now owns 1,020,238 shares, or roughly 3.97% of the outstanding GLTO shares.. At present, Laurion Capital Management LP is holding 190,652 shares valued at $0.59 million. Bridgeway Capital Management LLC owned 173,100 shares of the company at the time of its most recent 13F filing, worth $0.53 million.
According to FactSet, Galecto Inc.’s share price will average $6.70 in the next year, based on opinions of analysts polled by the firm. This is up nearly 473.77 percent from its previous closing price of $0.61. Analysts expect Galecto Inc. stock to reach the higher price of $16.00, while the lowest price estimate is $2.00. However, 5 analysts have rated GLTO stock as a Buy in their predictions for 2023.