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

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

Separately, TD Cowen lowered GlycoMimetics from a buy rating to a hold rating in a report on Friday, July 26th.

GlycoMimetics Price Performance

Shares of GLYC opened at $0.16 on Friday. The company has a 50-day moving average of $0.17 and a two-hundred day moving average of $0.69. The stock has a market cap of $10.06 million, a price-to-earnings ratio of -0.27 and a beta of 2.06. GlycoMimetics has a one year low of $0.15 and a one year high of $3.53.

Insider Buying and Selling at GlycoMimetics

In other news, major shareholder Public Equities L.P. Invus sold 363,949 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $0.24, for a total value of $87,347.76. Following the transaction, the insider now directly owns 7,966,780 shares of the company’s stock, valued at approximately $1,912,027.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 911,859 shares of company stock worth $205,659. 8.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GlycoMimetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLYC. Vanguard Group Inc. grew its position 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 acquiring an additional 340,112 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in GlycoMimetics by 61.8% in the second quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after purchasing an additional 204,227 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after buying an additional 685,151 shares during the last quarter. Institutional investors own 75.19% of the company’s stock.

GlycoMimetics Company Profile

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.