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:

Nvidia comes up $10 billion short of $1 trillion milestone

5:04 pm ET May 30, 2023 (MarketWatch)

By Emily Bary

Nvidia bidding to be the seventh U.S. company to close with a market capitalization above $1 trillion

Nvidia Corp.'s stock fell short of closing with a $1 trillion valuation despite flirting intraday with levels that would have helped the chip giant achieve the milestone.

Shares ended Tuesday's session at 401.11, giving the company a market capitalization of $990.7 billion. They needed to close at $404.858 or above in the regular session for Nvidia (NVDA) to achieve a market capitalization upwards of $1 trillion, according to Dow Jones Market Data. The shares touched an intraday high of $419.38 in Tuesday's action.

Only six U.S. companies -- Alphabet Inc. (GOOGL)(GOOGL), Inc. (AMZN), Apple Inc. (AAPL), Meta Platforms Inc. (META), Microsoft Corp. (MSFT) and Tesla Inc. (TSLA) -- have closed in $1 trillion territory.

Nvidia's stock gained 3% Tuesday following product announcements a day earlier, including its new Grace Hopper supercomputer and its first ethernet networking offering. These showed that Nvidia is "not standing still" but rather "running as fast as [it] can and extending [its] already dominant lead," according to Evercore ISI analyst C.J. Muse.

Read: Wall Street tech darling Nvidia unveils more AI products -- including a new supercomputer

While Nvidia teased the ethernet debut on its last earnings call, Wells Fargo analyst Aaron Rakers noted that the announcement illustrated Nvidia's "deepening enterprise strategy" with a product the company says will help in the deployment of generative artificial intelligence, the type of AI popularized by ChatGPT.

More from MarketWatch:Nvidia CEO tells graduates to take advantage of AI or get left behind

The stock's Tuesday rally built on a year-to-date surge that hit high gear last week as Nvidia stunned Wall Street with its expectations for how AI-fueled demand for its data-center products would translate into financial performance. The company vastly exceeded consensus expectations with its revenue forecast for the current quarter, helping to send shares up 24.4% in a single day last week.

Don't miss: 'Unprecedented' and 'unfathomable.' Nvidia makes jaws drop on Wall Street as stock explodes higher

Nvidia shares are now ahead 174% so far this year.

Rosenblatt Securities analyst Kevin Cassidy wrote in a weekend note that Nvidia's forecast, which implies 50% sequential growth for the July quarter, is one of the "historical and defining moments of a significant cycle which we view as secular and call the Mother of All Cycles." Marvell Technology Inc.'s (MRVL)outlook was another key moment in that narrative, according to Cassidy.

Read:Marvell stock rockets more than 30%, its best day ever -- is it the next hot AI play?

-Emily Bary

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 30, 2023 17:04 ET (21:04 GMT)

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