Cantor Fitzgerald Begins Coverage on GlycoMimetics (NASDAQ:GLYC)

Equities research analysts at Cantor Fitzgerald began coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm set an “overweight” rating on the biotechnology company’s stock.

Separately, StockNews.com initiated coverage on GlycoMimetics in a report on Friday, March 14th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, GlycoMimetics currently has an average rating of “Hold” and a consensus price target of $8.00.

GlycoMimetics Trading Down 0.5 %

GlycoMimetics stock opened at $0.27 on Friday. The business’s 50-day simple moving average is $0.27 and its 200 day simple moving average is $0.26. GlycoMimetics has a 12-month low of $0.14 and a 12-month high of $3.18.

GlycoMimetics (NASDAQ:GLYC) last posted its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.05. Equities research analysts forecast that GlycoMimetics will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On GlycoMimetics

Several hedge funds have recently added to or reduced their stakes in GLYC. Wellington Management Group LLP acquired a new position in GlycoMimetics in the fourth quarter valued at about $352,000. ADAR1 Capital Management LLC lifted its stake in GlycoMimetics by 626.1% in the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after buying an additional 286,127 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in GlycoMimetics in the fourth quarter valued at about $1,268,000. Caxton Corp acquired a new position in GlycoMimetics in the fourth quarter valued at about $51,000. Finally, Jefferies Financial Group Inc. acquired a new position in GlycoMimetics in the fourth quarter valued at about $106,000. 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.