GlycoMimetics (NASDAQ:GLYC) Share Price Crosses Above 50-Day Moving Average – What’s Next?

GlycoMimetics, Inc. (NASDAQ:GLYC) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $0.26 and traded as high as $0.28. GlycoMimetics shares last traded at $0.27, with a volume of 558,909 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on GlycoMimetics in a report on Wednesday. They set a “sell” rating on the stock.

GlycoMimetics Trading Down 3.8 %

The stock’s 50-day simple moving average is $0.26 and its 200-day simple moving average is $0.25.

GlycoMimetics (NASDAQ:GLYC) last announced its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.05. As a group, equities research analysts predict that GlycoMimetics, Inc. will post -0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GLYC. Caxton Corp bought a new stake in shares of GlycoMimetics during the fourth quarter valued at approximately $51,000. ADAR1 Capital Management LLC boosted its holdings in shares of GlycoMimetics by 626.1% during the 4th quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after buying an additional 286,127 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of GlycoMimetics in the 4th quarter worth about $106,000. Wellington Management Group LLP bought a new position in shares of GlycoMimetics in the 4th quarter worth about $352,000. Finally, VR Adviser LLC bought a new position in shares of GlycoMimetics in the 4th quarter worth about $747,000. Institutional investors own 75.19% of the company’s stock.

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.