Galecto Inc
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Health Care : Biotechnology | Small Cap Value
Company profile

Galecto, Inc. is a clinical-stage biotechnology company. The Company is focused on developing novel small molecule therapeutics that are designed to target the biological processes that lie at the heart of cancer and fibrotic diseases. The Company’s initial focus is on the development of small molecule inhibitors of galectin-3 and lysyl oxidase-like 2 (LOXL2). The Company is developing GB0139 for the treatment of Idiopathic Pulmonary Fibrosis (IPF), a life-threatening progressive fibrotic disease of the lung. The Company’s product candidate also includes GB1211, a selective oral small molecule inhibitor of galectin-three, is chemically distinct from GB0139 and is being developed for the treatment of various oncology indications and liver cirrhosis, and GB2064 is a selective oral small molecule inhibitor of LOXL2 for the treatment of myelofibrosis, a malignant disease of the bone marrow in which progressive fibrosis reduces the ability to form blood cells in the bone marrow.

Closing Price
Day's Change
0.127 (22.24%)
B/A Size
Day's High
Day's Low
(Heavy Day)

10-day average volume:

Mullen Automotive now a 'go to' meme stock, says influential trader

1:38 pm ET May 4, 2023 (MarketWatch)

By James Rogers

Mullen Automotive Inc. is attracting more meme-like attention from retail investors than traditional meme stock darlings AMC Entertainment Holdings Inc. and GameStop Corp., according to an influential meme-stock trader

Mullen Automotive Inc. is attracting more meme-like attention from retail investors than traditional meme stock darlings AMC Entertainment Holdings Inc. and GameStop Corp., according to an influential meme-stock trader.

The electric vehicle company's stock has become the "meme go to" for retail investors, said the trader, who goes by the name Obi. The trader participates in the WallStreetBets group on Reddit under the user name Major-Access2321.

Obi, whose Making Easy Money YouTube channel has over 28,000 subscribers, said that Mullen (MULN) is generating plenty of buzz across social media. "When it comes to meme stock world on Reddit, Twitter and now even Facebook, groups are popping up calling themselves the 'MULN army'," he told MarketWatch.

The trader said that "less and less" people are speaking about AMC Entertainment (AMC) and GameStop (GME). "More and more people are speaking about MULN ... they call it the meme that makes sense," he added.

Mullen shares have seen a dramatic spike in trading volume recently, with average trading volume of 1.1 billion shares Wednesday and 547.8 million shares over the past five days, according to FactSet data. The stock's 65-day average trading volume is 279 million shares. Mullen ended Wednesday's session down 21.1% on the company's announcement of a reverse stock split.

Related: Mullen Automotive shares plunge on reverse stock split announcement

AMC's stock ended Wednesday's session up 4.4% on trading volume of 25.1 million shares, below its 65-day average trading volume of 35.4 million shares. GameStop's stock closed up 1.7% Wednesday on trading volume of 3.2 million shares, below its 65-day average of 4.8 million shares.

The stock was down 18% on Thursday.

The over outlook for the EV market looks bright, according to Obi. "Retail feel like they have something special here with MULN," he added.

On Wednesday Mullen Automotive Inc. announced that it will conduct the 1-for-25 reverse stock split as the electric-vehicle company looks to maintain its Nasdaq listing.

The stock will continue to trade on the Nasdaq Capital Market under the existing symbol "MULN" and will begin trading on a split-adjusted basis at market open Thursday.

In March, Mullen announced that the Nasdaq had approved the company's request for a 180-day extension to meet the $1 minimum-bid-price requirement. On Sept. 7, 2022, the Nasdaq notified the company that its stock was not compliant with rules as it had traded below $1 for more than 30 days.

Related: After TOP Financial's surge, influential meme-stock trader looks for next big opportunity

Mullen's stock soared last year after Inc.'s (AMZN) delivery partner placed an order for up to 600 cargo vans, and the company has since teamed up with Rapid Response Defense Systems to supply vans for federal government business.

In December, Mullen announced that it is partnering with Loop Global Inc. to build public and private EV-charging technology, infrastructure and network solutions. Earlier this year, Mullen joined forces with Qiantu Motors to launch what they called an EV supercar.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 04, 2023 13:38 ET (17:38 GMT)

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