GlycoMimetics (NASDAQ:GLYC) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a report issued on Thursday morning. The firm issued a sell rating on the biotechnology company’s stock.

Several other research analysts also recently weighed in on the stock. HC Wainwright restated a neutral rating on shares of GlycoMimetics in a report on Tuesday, June 4th. TD Cowen cut shares of GlycoMimetics from a buy rating to a hold rating in a research report on Friday, July 26th.

GlycoMimetics Stock Down 3.1 %

Shares of NASDAQ:GLYC opened at $0.16 on Thursday. GlycoMimetics has a twelve month low of $0.16 and a twelve month high of $3.53. The stock’s 50 day moving average is $0.20 and its 200-day moving average is $0.91. The firm has a market capitalization of $10.62 million, a price-to-earnings ratio of -0.28 and a beta of 2.07.

Insiders Place Their Bets

In other news, major shareholder Public Equities L.P. Invus sold 363,949 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $0.24, for a total value of $87,347.76. Following the completion of the sale, the insider now owns 7,966,780 shares in the company, valued at $1,912,027.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 911,859 shares of company stock valued at $205,659 in the last three months. 8.70% of the stock is currently owned by insiders.

Institutional Trading of GlycoMimetics

A number of institutional investors and hedge funds have recently modified their holdings of GLYC. Renaissance Technologies LLC grew 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 valued at $233,000 after purchasing an additional 685,151 shares during the period. Vanguard Group Inc. boosted its holdings in shares of GlycoMimetics by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock worth $8,286,000 after buying an additional 340,112 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in GlycoMimetics by 61.8% during the second 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 during the period. 75.19% of the stock is 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.