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

StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report sent to investors on Monday. The firm issued a sell rating on the biotechnology company’s stock.

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

GlycoMimetics Stock Performance

NASDAQ GLYC opened at $0.17 on Monday. GlycoMimetics has a 1 year low of $0.14 and a 1 year high of $3.53. The business’s fifty day moving average is $0.17 and its two-hundred day moving average is $0.48. The stock has a market capitalization of $11.20 million, a P/E ratio of -0.30 and a beta of 2.06.

Insider Activity

In other news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $0.19, for a total value of $31,259.37. Following the completion of the sale, the insider now owns 6,695,658 shares in the company, valued at $1,272,175.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 653,524 shares of company stock worth $143,659 over the last 90 days. 8.70% of the stock is owned by company insiders.

Institutional Trading of GlycoMimetics

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in GlycoMimetics by 14.0% during the first quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock valued at $8,286,000 after purchasing an additional 340,112 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of GlycoMimetics by 483.5% during the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after acquiring an additional 685,151 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in shares of GlycoMimetics by 61.8% in the second quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after acquiring an additional 204,227 shares during the last quarter. 75.19% of the stock is owned by hedge funds and other institutional investors.

GlycoMimetics Company Profile

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.