GlycoMimetics (NASDAQ:GLYC) Earns Hold Rating from Analysts at StockNews.com

Investment analysts at StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYCGet Rating) in a research note issued to investors on Thursday. The brokerage set a “hold” rating on the biotechnology company’s stock.

Separately, HC Wainwright cut their price objective on shares of GlycoMimetics from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, August 4th.

GlycoMimetics Trading Up 9.4 %

NASDAQ GLYC opened at $1.86 on Thursday. The company has a fifty day simple moving average of $0.73 and a two-hundred day simple moving average of $0.70. The stock has a market cap of $97.51 million, a P/E ratio of -1.82 and a beta of 1.86. GlycoMimetics has a 12-month low of $0.51 and a 12-month high of $2.01.

Insider Activity at GlycoMimetics

In other news, insider Edwin Rock purchased 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The shares were bought at an average price of $1.43 per share, for a total transaction of $143,000.00. Following the completion of the transaction, the insider now owns 100,000 shares in the company, valued at $143,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.00% 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 lifted its stake in shares of GlycoMimetics by 2.0% in the first quarter. Acadian Asset Management LLC now owns 1,990,087 shares of the biotechnology company’s stock worth $2,267,000 after buying an additional 39,001 shares in the last quarter. Renaissance Technologies LLC raised its stake in GlycoMimetics by 20.4% during the second quarter. Renaissance Technologies LLC now owns 566,400 shares of the biotechnology company’s stock worth $339,000 after purchasing an additional 95,800 shares during the period. Millennium Management LLC raised its stake in GlycoMimetics by 7.5% during the second quarter. Millennium Management LLC now owns 434,655 shares of the biotechnology company’s stock worth $260,000 after purchasing an additional 30,466 shares during the period. Finally, Vanguard Group Inc. raised its stake in GlycoMimetics by 1.8% during the third quarter. Vanguard Group Inc. now owns 1,879,412 shares of the biotechnology company’s stock worth $1,037,000 after purchasing an additional 32,650 shares during the period. 50.65% of the stock is owned by hedge funds and other institutional investors.

GlycoMimetics Company Profile

(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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