GlycoMimetics (GLYC) Cut to “Hold” at BidaskClub
GLYC has been the subject of several other reports. Piper Jaffray Companies assumed coverage on GlycoMimetics in a report on Friday, April 12th. They issued an overweight rating and a $20.00 price objective for the company. HC Wainwright restated a buy rating and issued a $23.00 price objective on shares of GlycoMimetics in a report on Friday, April 12th. Zacks Investment Research downgraded GlycoMimetics from a hold rating to a sell rating in a report on Thursday, March 7th. Finally, ValuEngine downgraded GlycoMimetics from a strong-buy rating to a buy rating in a report on Wednesday, January 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. GlycoMimetics presently has a consensus rating of Buy and a consensus target price of $22.80.
Shares of NASDAQ:GLYC traded up $0.53 on Wednesday, hitting $12.47. 115,397 shares of the company’s stock were exchanged, compared to its average volume of 228,526. GlycoMimetics has a 12 month low of $8.29 and a 12 month high of $19.20. The company has a market cap of $538.32 million, a price-to-earnings ratio of -10.57 and a beta of 2.69.
Several hedge funds have recently added to or reduced their stakes in the stock. Virtus ETF Advisers LLC raised its holdings in shares of GlycoMimetics by 3.7% in the fourth quarter. Virtus ETF Advisers LLC now owns 29,862 shares of the biotechnology company’s stock valued at $283,000 after acquiring an additional 1,057 shares in the last quarter. Bank of New York Mellon Corp grew its stake in GlycoMimetics by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 144,163 shares of the biotechnology company’s stock valued at $1,365,000 after purchasing an additional 2,718 shares during the last quarter. Prentiss Smith & Co. Inc. grew its stake in GlycoMimetics by 42.9% in the fourth quarter. Prentiss Smith & Co. Inc. now owns 10,000 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 3,000 shares during the last quarter. TD Asset Management Inc. grew its stake in GlycoMimetics by 4.7% in the fourth quarter. TD Asset Management Inc. now owns 76,110 shares of the biotechnology company’s stock valued at $721,000 after purchasing an additional 3,438 shares during the last quarter. Finally, Alps Advisors Inc. grew its stake in GlycoMimetics by 4.5% in the first quarter. Alps Advisors Inc. now owns 104,192 shares of the biotechnology company’s stock valued at $1,298,000 after purchasing an additional 4,507 shares during the last quarter.
GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in the United States. The company's advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and is in a Phase III clinical trial, conducted by its strategic collaboration with Pfizer Inc It is also developing uproleselan, an E-selectin antagonist that is evaluated in a Phase I/II clinical trial as a potential treatment for acute myeloid leukemia (AML), as well as Phase III trial to treat relapsed/refractory AML.
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