Fintel reports that Orbimed Advisors has filed a 13D/A form with the SEC disclosing ownership of 2.70MM shares of Galecto Inc (GLTO). This represents 10.5% of the company.
In their previous filing dated November 6, 2020 they reported 2.77MM shares and 11.30% of the company, a decrease in shares of 2.70% and a decrease in total ownership of 0.80% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 469.05% Upside
As of April 7, 2023, the average one-year price target for Galecto is $10.81. The forecasts range from a low of $6.06 to a high of $16.80. The average price target represents an increase of 469.05% from its latest reported closing price of $1.90.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Galecto is $3MM. The projected annual non-GAAP EPS is -$1.86.
What is the Fund Sentiment?
There are 31 funds or institutions reporting positions in Galecto. This is a decrease of 6 owner(s) or 16.22% in the last quarter. Average portfolio weight of all funds dedicated to GLTO is 0.03%, an increase of 28.01%. Total shares owned by institutions decreased in the last three months by 2.88% to 9,156K shares. The put/call ratio of GLTO is 0.02, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase & holds 1K shares representing 0.00% ownership of the company. No change in the last quarter.
Cormorant Asset Management holds 1,020K shares representing 3.97% ownership of the company. No change in the last quarter.
VEXMX – Vanguard Extended Market Index Fund Investor Shares holds 31K shares representing 0.12% ownership of the company. In it’s prior filing, the firm reported owning 26K shares, representing an increase of 17.24%. The firm decreased its portfolio allocation in GLTO by 29.15% over the last quarter.
FCFMX – Fidelity Series Total Market Index Fund holds 18K shares representing 0.07% ownership of the company. No change in the last quarter.
Geode Capital Management holds 109K shares representing 0.42% ownership of the company. In it’s prior filing, the firm reported owning 106K shares, representing an increase of 2.58%. The firm decreased its portfolio allocation in GLTO by 42.18% over the last quarter.
Galecto Background Information
(This description is provided by the company.)
Galecto is a clinical stage biotechnology company committed to the development of novel small molecule therapeutics directed at biological targets which are at the heart of fibrosis, inflammation, and cancer. Galecto was founded by leading fibrosis-focused scientists and biotech executives and is built on more than 10 years of research into galectin and fibrosis modulators. The Company’s team has developed a deep understanding of the galectin family of proteins and the LOXL2 enzyme, and how both influence multiple biological pathways of these complex, often devastating, diseases.
This article originally appeared on Fintel
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