Galecto price target raised to $40 from $36 at Guggenheim

Guggenheim raised the firm’s price target on Galecto (GLTO) to $40 from $36 and keeps a Buy rating on the shares. The firm, which is updating its model following the company’s recent financing, which it says “showed high demand and produced minimal dilution for a preclinical biotech equity raise,” notes that Galecto now has about $600M to pursue development of what the firm considers to be “one of the more interesting opportunities in oncology.”