GlycoMimetics, Inc. (NASDAQ:GLYC) Sees Significant Increase in Short Interest

GlycoMimetics, Inc. (NASDAQ:GLYC) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,590,000 shares, a growth of 6.7% from the March 15th total of 1,490,000 shares. Based on an average daily trading volume, of 367,100 shares, the days-to-cover ratio is presently 4.3 days.

GlycoMimetics Stock Up 6.0 %

Shares of GLYC stock opened at $2.28 on Thursday. The company’s fifty day simple moving average is $2.87 and its 200-day simple moving average is $2.30. The firm has a market cap of $146.95 million, a PE ratio of -3.93 and a beta of 2.18. GlycoMimetics has a 12 month low of $1.11 and a 12 month high of $3.53.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Capital One Financial reiterated an “overweight” rating on shares of GlycoMimetics in a report on Thursday, February 22nd. StockNews.com cut shares of GlycoMimetics from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of GlycoMimetics in a report on Wednesday, March 27th.

Institutional Trading of GlycoMimetics

A number of institutional investors have recently made changes to their positions in the business. AXA S.A. bought a new stake in GlycoMimetics during the first quarter worth $2,027,000. Two Sigma Advisers LP raised its position in GlycoMimetics by 210.0% during the first quarter. Two Sigma Advisers LP now owns 594,500 shares of the biotechnology company’s stock worth $749,000 after acquiring an additional 402,700 shares in the last quarter. First Manhattan Co. bought a new stake in GlycoMimetics during the fourth quarter worth $952,000. Marshall Wace LLP bought a new stake in GlycoMimetics during the fourth quarter worth $633,000. Finally, Two Sigma Investments LP raised its position in GlycoMimetics by 69.7% during the first quarter. Two Sigma Investments LP now owns 370,569 shares of the biotechnology company’s stock worth $467,000 after acquiring an additional 152,206 shares in the last quarter. Institutional investors own 75.19% of the company’s stock.

GlycoMimetics Company Profile

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