GlycoMimetics (NASDAQ:GLYC) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report issued on Wednesday. The brokerage set a “sell” rating on the biotechnology company’s stock.

Several other equities research analysts have also recently issued reports on GLYC. TD Cowen cut shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. HC Wainwright reaffirmed a “neutral” rating on shares of GlycoMimetics in a research note on Tuesday, June 4th.

GlycoMimetics Price Performance

Shares of GLYC opened at $0.16 on Wednesday. GlycoMimetics has a 52-week low of $0.16 and a 52-week high of $3.53. The firm’s fifty day moving average is $0.22 and its two-hundred day moving average is $1.07. The stock has a market cap of $10.23 million, a PE ratio of -0.27 and a beta of 2.07.

Insider Activity

In other news, insider Edwin Rock purchased 190,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were purchased at an average price of $0.25 per share, with a total value of $47,500.00. Following the transaction, the insider now owns 565,403 shares in the company, valued at approximately $141,350.75. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Edwin Rock bought 190,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $0.25 per share, with a total value of $47,500.00. Following the completion of the transaction, the insider now directly owns 565,403 shares of the company’s stock, valued at approximately $141,350.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Public Equities L.P. Invus sold 164,523 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $0.19, for a total transaction of $31,259.37. Following the completion of the transaction, the insider now directly owns 6,695,658 shares in the company, valued at approximately $1,272,175.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 911,859 shares of company stock valued at $205,659. 8.70% of the stock is currently owned by insiders.

Institutional Trading of GlycoMimetics

Institutional investors and hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC increased its stake in GlycoMimetics by 61.8% during the second quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after purchasing an additional 204,227 shares during the period. Renaissance Technologies LLC increased its stake in GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 685,151 shares during the period. Advisor OS LLC purchased a new stake in GlycoMimetics during the fourth quarter worth about $238,000. Finally, Vanguard Group Inc. increased its stake in GlycoMimetics by 14.0% during the first quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock worth $8,286,000 after purchasing an additional 340,112 shares during the period. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

About GlycoMimetics

GlycoMimetics, Inc, a biotechnology company, focuses on the discovery and development of therapies for cancers and inflammatory diseases in the United States. It develops uproleselan, an E-selectin antagonist, which is used in combination with chemotherapy to treat acute myeloid leukemia (AML), as well as completed phase 3 trial to treat relapsed/refractory AML.