StockNews.com Initiates Coverage on GlycoMimetics (NASDAQ:GLYC)

Analysts at StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a report issued on Thursday. The brokerage set a “sell” rating on the biotechnology company’s stock.

GLYC has been the topic of several other reports. TD Cowen downgraded 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 report on Tuesday, June 4th.

GlycoMimetics Stock Performance

Shares of GlycoMimetics stock opened at $0.16 on Thursday. The business’s 50-day moving average price is $0.21 and its 200-day moving average price is $0.95. The firm has a market capitalization of $10.57 million, a PE ratio of -0.28 and a beta of 2.07. GlycoMimetics has a 12 month low of $0.16 and a 12 month high of $3.53.

Insider Activity at GlycoMimetics

In other GlycoMimetics news, major shareholder Public Equities L.P. Invus sold 258,335 shares of GlycoMimetics stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $0.24, for a total value of $62,000.40. Following the transaction, the insider now directly owns 8,330,729 shares of the company’s stock, valued at approximately $1,999,374.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 911,859 shares of company stock worth $205,659 in the last ninety days. 8.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On GlycoMimetics

Several hedge funds and other institutional investors have recently modified their holdings of GLYC. Acadian Asset Management LLC grew its stake in shares of GlycoMimetics by 61.8% in 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 last quarter. Renaissance Technologies LLC lifted its holdings in GlycoMimetics by 483.5% in the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after buying an additional 685,151 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of GlycoMimetics by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock worth $8,286,000 after buying an additional 340,112 shares during the last quarter. 75.19% of the stock is owned by institutional investors.

GlycoMimetics Company Profile

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.