Jack Callicutt, the Chief Financial Officer of Galectin Therapeutics Inc., sold 3,810 shares of the company’s stock on November 3, 2023. The shares were sold at an average price of $6.01, amounting to a total value of $22,898.10. After this transaction, Callicutt holds 7,614 shares, valued at approximately $45,760.14. This sale marks a significant reduction of 33.35% in his holdings.
The details of the transaction were disclosed in a legal filing with the Securities and Exchange Commission, which is publicly accessible.
Market Performance and Analysts’ Insights
Following the transaction, shares of Galectin Therapeutics opened at $5.58 on the following trading day. The company has a market capitalization of $359.79 million, a price-to-earnings ratio of -8.72, and a beta of 0.86. Over the past year, the stock has experienced a low of $0.73 and a high of $6.55. The fifty-day simple moving average stands at $4.88, while the two-hundred-day average is $3.22.
On August 14, 2023, Galectin Therapeutics released its quarterly earnings report, revealing an earnings per share of ($0.12), surpassing analysts’ consensus estimates of ($0.16) by $0.04. Looking ahead, analysts predict a projected earnings per share of ($0.73) for the current fiscal year.
Institutional Activity and Shareholder Composition
Recent trading activity among institutional investors indicates a growing interest in Galectin Therapeutics. Notably, Bank of America Corp DE increased its holdings by 101.4% in the fourth quarter, acquiring an additional 19,316 shares for a total of 38,358 shares, valued at $49,000. Other significant purchases included Y Intercept Hong Kong Ltd, which bought a new position valued at approximately $287,000, and Nuveen LLC, which acquired shares valued at about $34,000.
Additionally, HighTower Advisors LLC lifted its holdings by 244.1%, now owning 77,375 shares worth $94,000. Geneos Wealth Management Inc. also boosted its position by 8.8%, increasing its stake to 423,235 shares valued at $516,000. Overall, institutional investors and hedge funds currently hold 11.68% of the company’s stock.
Galectin Therapeutics is a clinical-stage biopharmaceutical firm focused on developing therapies for fibrotic diseases, cancer, and various other conditions. Its lead product candidate, belapectin (GR-MD-02), is undergoing clinical trials for treating non-alcoholic steatohepatitis (NASH) cirrhosis and is also being evaluated for liver fibrosis and severe skin diseases.
As Galectin Therapeutics navigates the complexities of the biopharmaceutical market, stakeholders are keenly observing its performance and strategic moves in the coming months.
