---
title: "BUZZ-Biopharma co Galecto drops after $275 mln stock sale"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/275606525.md"
description: "Biopharmaceutical company Galectosaw its shares drop 6.8% to $20.05 in premarket trading following a $275 million equity raise. The company sold approximately 14.5 million shares at $19 each, an 11.7% discount. Proceeds will fund preclinical studies, clinical trials, and R&D. Additionally, CEO Hans T. Schambye has stepped down, with COO Sherwin Sattarzadeh appointed as interim CEO. Despite a recent decline, all analysts covering the stock remain bullish, with price targets ranging from $36 to $46."
datetime: "2026-02-11T12:41:26.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/275606525.md)
  - [en](https://longbridge.com/en/news/275606525.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/275606525.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275606525.md) | [繁體中文](https://longbridge.com/zh-HK/news/275606525.md)


# BUZZ-Biopharma co Galecto drops after $275 mln stock sale

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

Blood cancer-focused GLTO late Tues ~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)

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