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

StockNews.com began coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report released on Sunday morning. The firm issued a sell rating on the biotechnology company’s stock.

Separately, TD Cowen cut GlycoMimetics from a “buy” rating to a “hold” rating in a report on Friday, July 26th.

GlycoMimetics Price Performance

Shares of NASDAQ GLYC opened at $0.16 on Friday. GlycoMimetics has a fifty-two week low of $0.14 and a fifty-two week high of $3.53. The business has a fifty day moving average price of $0.17 and a two-hundred day moving average price of $0.57. The stock has a market capitalization of $10.11 million, a PE ratio of -0.27 and a beta of 2.06.

Insider Activity

In other news, major shareholder Public Equities L.P. Invus sold 363,949 shares of GlycoMimetics stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $0.24, for a total value of $87,347.76. Following the completion of the transaction, the insider now directly owns 7,966,780 shares of the company’s stock, valued at approximately $1,912,027.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised 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 valued at $8,286,000 after acquiring an additional 340,112 shares during the period. Renaissance Technologies LLC grew its position 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 acquiring an additional 685,151 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of GlycoMimetics by 61.8% during the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock valued at $150,000 after purchasing an additional 204,227 shares during the last quarter. Institutional investors and hedge funds 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.