GlycoMimetics (NASDAQ:GLYC) Shares to Reverse Split on Monday, June 16th

GlycoMimetics, Inc. (NASDAQ:GLYC)’s stock is set to reverse split before the market opens on Monday, June 16th. The 1-100 reverse split was announced on Thursday, June 5th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, June 13th.

GlycoMimetics Price Performance

Shares of GLYC stock opened at $0.17 on Thursday. GlycoMimetics has a 1 year low of $0.14 and a 1 year high of $0.63. The stock’s 50 day simple moving average is $0.23 and its two-hundred day simple moving average is $0.25. The company has a market cap of $10.71 million, a PE ratio of -0.36 and a beta of 1.62.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings data on Wednesday, May 14th. The biotechnology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Equities research analysts expect that GlycoMimetics will post -0.08 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen initiated coverage on GlycoMimetics in a research report on Saturday, May 17th. They set a “sell” rating on the stock. Cantor Fitzgerald initiated coverage on GlycoMimetics in a research note on Friday, March 21st. They set an “overweight” rating on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. bought a new position in shares of GlycoMimetics during the fourth quarter valued at approximately $1,268,000. VR Adviser LLC bought a new position in shares of GlycoMimetics during the fourth quarter valued at approximately $747,000. Wellington Management Group LLP bought a new position in GlycoMimetics in the fourth quarter worth approximately $352,000. Jefferies Financial Group Inc. grew its stake in GlycoMimetics by 38.0% in the first quarter. Jefferies Financial Group Inc. now owns 585,000 shares of the biotechnology company’s stock worth $123,000 after purchasing an additional 161,223 shares in the last quarter. Finally, ADAR1 Capital Management LLC grew its stake in GlycoMimetics by 626.1% in the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock worth $83,000 after purchasing an additional 286,127 shares in the last quarter. Institutional investors own 75.19% of the company’s stock.

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.