GlycoMimetics (NASDAQ:GLYC) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of GlycoMimetics (NASDAQ:GLYCGet Rating) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. They currently have $0.75 target price on the biotechnology company’s stock.

According to Zacks, “GlycoMimetics, Inc. is a biotechnology company. The company focused on the discovery and development of novel glycomimetic drugs to address diseases in which carbohydrate biology plays a key role. It product pipeline includes GMI-170, GMI-1271, E-selectin and CXCR4 antagonist, GMI-1051 and GMI-1070 at different clinical phases. GlycoMimetics, Inc. is based in Gaithersburg, United States. “

Separately, StockNews.com initiated coverage on shares of GlycoMimetics in a research note on Sunday. They issued a hold rating for the company.

GLYC opened at $0.73 on Tuesday. The firm has a fifty day moving average price of $1.07 and a 200 day moving average price of $1.37. GlycoMimetics has a 1 year low of $0.70 and a 1 year high of $2.83. The stock has a market cap of $38.19 million, a P/E ratio of -0.59 and a beta of 1.96.

GlycoMimetics (NASDAQ:GLYCGet Rating) last posted its earnings results on Thursday, April 28th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. During the same quarter last year, the firm earned ($0.28) earnings per share. Analysts forecast that GlycoMimetics will post -1.32 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its position in GlycoMimetics by 46.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 38,533 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 12,158 shares during the period. Eversept Partners LP acquired a new position in GlycoMimetics during the fourth quarter worth $144,000. Morgan Stanley raised its position in GlycoMimetics by 52.9% during the third quarter. Morgan Stanley now owns 67,924 shares of the biotechnology company’s stock worth $148,000 after acquiring an additional 23,510 shares during the period. GSA Capital Partners LLP acquired a new position in GlycoMimetics during the fourth quarter worth $210,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in GlycoMimetics by 5.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,298 shares of the biotechnology company’s stock worth $246,000 after acquiring an additional 5,856 shares during the period. Institutional investors own 56.64% of the company’s stock.

About GlycoMimetics (Get Rating)

GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in the United States. It is developing uproleselan, an E-selectin inhibitor, which is used in combination with chemotherapy to treat acute myeloid leukemia (AML), as well as in phase 3 trial to treat relapsed/refractory AML.

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