Cantor Fitzgerald Initiates Coverage on GlycoMimetics (NASDAQ:GLYC)

Investment analysts at Cantor Fitzgerald assumed coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a note issued to investors on Friday, Marketbeat reports. The firm set an “overweight” rating on the biotechnology company’s stock.

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

GlycoMimetics Stock Down 2.0 %

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

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

Institutional Investors Weigh In On GlycoMimetics

Several hedge funds and other institutional investors have recently bought and sold shares of GLYC. Jefferies Financial Group Inc. acquired a new stake in shares of GlycoMimetics in the 4th quarter valued at about $106,000. VR Adviser LLC bought a new position in GlycoMimetics in the fourth quarter worth approximately $747,000. Caxton Corp acquired a new stake in GlycoMimetics in the fourth quarter valued at approximately $51,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of GlycoMimetics during the fourth quarter valued at approximately $1,268,000. Finally, ADAR1 Capital Management LLC raised its position in shares of GlycoMimetics by 626.1% during the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock worth $83,000 after purchasing an additional 286,127 shares during the period. 75.19% of the stock is 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.