GlycoMimetics, Inc. (NASDAQ:GLYC) Short Interest Update

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,830,000 shares, a growth of 11.6% from the September 30th total of 1,640,000 shares. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is currently 1.6 days.

Insider Activity

In related news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the company’s stock in a transaction that occurred 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 owns 6,695,658 shares of the company’s stock, valued at approximately $1,272,175.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On GlycoMimetics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 in the last quarter. Renaissance Technologies LLC raised its stake in GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after buying an additional 685,151 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in GlycoMimetics by 61.8% during the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after buying an additional 204,227 shares during the last quarter. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

GlycoMimetics Stock Performance

Shares of NASDAQ GLYC traded down $0.05 during midday trading on Thursday, reaching $0.41. 13,575,285 shares of the company’s stock were exchanged, compared to its average volume of 7,440,559. The stock has a market capitalization of $26.23 million, a PE ratio of -0.79 and a beta of 2.06. GlycoMimetics has a 52-week low of $0.14 and a 52-week high of $3.53. The business’s fifty day moving average price is $0.18 and its two-hundred day moving average price is $0.40.

Analysts Set New Price Targets

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

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.