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

StockNews.com initiated coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a note issued to investors on Wednesday. The firm set a “sell” rating on the biotechnology company’s stock.

GlycoMimetics Stock Down 7.4 %

NASDAQ GLYC opened at $0.26 on Wednesday. GlycoMimetics has a one year low of $0.14 and a one year high of $3.18. The company has a 50-day simple moving average of $0.27 and a 200-day simple moving average of $0.25.

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

Institutional Investors Weigh In On GlycoMimetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLYC. Wellington Management Group LLP acquired a new stake in shares of GlycoMimetics in the fourth quarter valued at $352,000. ADAR1 Capital Management LLC raised its position in GlycoMimetics by 626.1% in the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock worth $83,000 after acquiring an additional 286,127 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in GlycoMimetics in the 4th quarter valued at about $1,268,000. Caxton Corp bought a new position in shares of GlycoMimetics during the 4th quarter valued at about $51,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of GlycoMimetics in the 4th quarter worth approximately $106,000. 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.