GlycoMimetics (NASDAQ:GLYC) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com started coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report issued to clients and investors on Saturday. The brokerage set 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 Price Performance

GlycoMimetics stock opened at $0.16 on Friday. GlycoMimetics has a fifty-two week low of $0.15 and a fifty-two week high of $3.53. The company’s 50 day simple moving average is $0.18 and its 200 day simple moving average is $0.74. The firm has a market capitalization of $10.27 million, a price-to-earnings ratio of -0.27 and a beta of 2.07.

Insider Buying and Selling

In related news, major shareholder Public Equities L.P. Invus sold 363,949 shares of GlycoMimetics stock in a transaction on Monday, July 29th. The shares were sold at an average price of $0.24, for a total transaction of $87,347.76. Following the completion of the transaction, the insider now owns 7,966,780 shares of the company’s stock, valued at $1,912,027.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 911,859 shares of company stock valued at $205,659 over the last ninety days. 8.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On GlycoMimetics

Several large investors have recently bought and sold shares of the stock. 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. Renaissance Technologies LLC boosted its stake in GlycoMimetics by 483.5% in the second 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. Finally, Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 340,112 shares during the last quarter. 75.19% of the stock is currently owned by institutional investors.

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.