Biopharma co Galecto drops after $275 mln stock sale

Damora Therapeutics

11/02/2026 12:41

** Biopharmaceutical firm Galecto GLTO.O shares down 6.8% premarket to $20.05 after $275 mln equity raise

** Blood cancer-focused GLTO late Tues announced pricing ~14.5 mln shares at $19, an 11.7% discount to last sale

** It intends to use net offering proceeds to fund preclinical studies, clinical trials, and manufacturing in support of its antibody programs, as well as for additional R&D, among other purposes, per the prospectus

** Jefferies, Leerink, Evercore and Guggenheim joint bookrunners

** GLTO has ~43.3 mln shares outstanding

** Co in a SEC filing early Tues said Hans T. Schambye ceased serving as CEO and President and that its board appointed COO Sherwin Sattarzadeh as interim principal executive officer

** GLTO shares on Tues ended session down ~10%, off ~6% YTD. Stock has risen more than six-fold over the past six months

** All 3 analysts covering the stock are bullish, including 2 "strong buy" ratings, per LSEG data, with PTs of $36, $40 and $46

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))