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

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

Other research analysts also recently issued research reports about the company. TD Cowen downgraded GlycoMimetics from a buy rating to a hold rating in a research note on Friday, July 26th. HC Wainwright reaffirmed a neutral rating on shares of GlycoMimetics in a research note on Tuesday, June 4th.

GlycoMimetics Price Performance

GLYC stock opened at $0.17 on Friday. The stock has a market cap of $10.77 million, a price-to-earnings ratio of -0.29 and a beta of 2.07. The company has a fifty day moving average price of $0.19 and a two-hundred day moving average price of $0.82. GlycoMimetics has a one year low of $0.16 and a one year high of $3.53.

Insider Buying and Selling

In other GlycoMimetics news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the business’s 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 sale, the insider now directly owns 6,695,658 shares in the company, valued at $1,272,175.02. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 911,859 shares of company stock worth $205,659. 8.70% of the stock is owned by insiders.

Hedge Funds Weigh In On GlycoMimetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in GlycoMimetics by 483.5% in the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 685,151 shares during the period. Acadian Asset Management LLC boosted its holdings 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, Vanguard Group Inc. grew its holdings in GlycoMimetics by 14.0% in the first 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 period. 75.19% of the stock is currently owned by hedge funds and other 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.