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

GlycoMimetics, Inc. (NASDAQ:GLYC) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 5,640,000 shares, a growth of 208.2% from the October 15th total of 1,830,000 shares. Based on an average daily volume of 19,270,000 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Trading of GlycoMimetics

A number of large investors have recently added to or reduced their stakes in GLYC. Vanguard Group Inc. lifted 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 during the last quarter. Acadian Asset Management LLC raised 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 buying an additional 204,227 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of GlycoMimetics by 483.5% in 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 during the last quarter. Institutional investors own 75.19% of the company’s stock.

Analyst Upgrades and Downgrades

GLYC has been the topic of a number of analyst reports. StockNews.com assumed coverage on shares of GlycoMimetics in a research note on Thursday. They set a “sell” rating on the stock. TD Cowen lowered GlycoMimetics from a “buy” rating to a “hold” rating in a research note on Friday, July 26th.

GlycoMimetics Stock Performance

Shares of GLYC remained flat at $0.40 during midday trading on Thursday. 968,892 shares of the company’s stock traded hands, compared to its average volume of 7,211,517. The stock has a market cap of $25.75 million, a PE ratio of -0.70 and a beta of 1.85. The firm has a 50 day simple moving average of $0.22 and a 200 day simple moving average of $0.29. GlycoMimetics has a twelve month low of $0.14 and a twelve month high of $3.53.

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.