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

Research analysts at StockNews.com assumed coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note issued on Saturday. The firm set a “sell” rating on the biotechnology company’s stock.

GlycoMimetics Stock Performance

Shares of NASDAQ:GLYC opened at $0.35 on Friday. The business has a 50 day moving average price of $0.27 and a 200 day moving average price of $0.25. GlycoMimetics has a twelve month low of $0.14 and a twelve month high of $3.53.

Hedge Funds Weigh In On GlycoMimetics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its position in GlycoMimetics by 61.8% in the 2nd 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 during the last quarter. Vanguard Group Inc. grew its position in GlycoMimetics by 14.0% during the first 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 in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of 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 purchasing an additional 685,151 shares during the period. 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.