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

StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note published on Thursday. The firm issued a sell rating on the biotechnology company’s stock.

GLYC has been the topic of a number of other reports. HC Wainwright reissued a neutral rating on shares of GlycoMimetics in a research note on Tuesday, June 4th. TD Cowen lowered shares of GlycoMimetics from a buy rating to a hold rating in a report on Friday, July 26th.

GlycoMimetics Stock Performance

Shares of NASDAQ:GLYC opened at $0.16 on Thursday. GlycoMimetics has a 52-week low of $0.16 and a 52-week high of $3.53. The company has a market capitalization of $10.62 million, a PE ratio of -0.28 and a beta of 2.07. The company has a fifty day moving average of $0.20 and a 200-day moving average of $0.91.

Insider Activity

In related news, major shareholder Public Equities L.P. Invus sold 363,949 shares of GlycoMimetics stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $0.24, for a total value of $87,347.76. Following the transaction, the insider now directly owns 7,966,780 shares of the company’s stock, valued at $1,912,027.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 911,859 shares of company stock valued at $205,659. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On GlycoMimetics

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in GlycoMimetics by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock worth $8,286,000 after acquiring an additional 340,112 shares during the period. Acadian Asset Management LLC grew its stake in GlycoMimetics by 61.8% during 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 period. Finally, Renaissance Technologies LLC increased its holdings in GlycoMimetics by 483.5% in the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 685,151 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.