Orbimed Advisors Now Owns 9.6% of Galecto

By 247patrick Published Jul 18, 10:21PM EDT

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Orbimed Advisors Now Owns 9.6% of Galecto — © luchschen / Getty Images

Fintel reports that Orbimed Advisors has filed a 13D/A form with the SEC disclosing ownership of 2.46MM shares of Galecto Inc (GLTO). This represents 9.6% of the company.

In their previous filing dated April 7, 2023 they reported 2.70MM shares and 10.50% of the company, a decrease in shares of 8.94% and a decrease in total ownership of 0.90% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 412.13% Upside

As of July 6, 2023, the average one-year price target for Galecto is 12.24. The forecasts range from a low of 6.06 to a high of $17.85. The average price target represents an increase of 412.13% from its latest reported closing price of 2.39.

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 36 funds or institutions reporting positions in Galecto. This is an increase of 5 owner(s) or 16.13% in the last quarter. Average portfolio weight of all funds dedicated to GLTO is 0.02%, an increase of 41.23%. Total shares owned by institutions increased in the last three months by 0.94% to 9,242K shares. The put/call ratio of GLTO is 0.17, indicating a bullish outlook.

What are Other Shareholders Doing?

Novo Holdings A holds 2,498K shares representing 9.73% 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.

MAI Capital Management holds 255K shares representing 1.00% ownership of the company. In it’s prior filing, the firm reported owning 233K shares, representing an increase of 8.68%. The firm increased its portfolio allocation in GLTO by 76.02% over the last quarter.

Laurion Capital Management holds 191K shares representing 0.74% ownership of the company. No change in the last quarter.

Bridgeway Capital Management holds 173K shares representing 0.67% ownership of the company. No change in 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