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

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

Separately, Cantor Fitzgerald started coverage on GlycoMimetics in a research report on Friday, March 21st. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

GlycoMimetics Trading Down 10.7 %

Shares of NASDAQ GLYC opened at $0.22 on Friday. GlycoMimetics has a 12-month low of $0.14 and a 12-month high of $3.16. The firm’s 50-day simple moving average is $0.27 and its 200 day simple moving average is $0.26.

GlycoMimetics (NASDAQ:GLYC) last announced its earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. Research analysts expect that GlycoMimetics will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Caxton Corp acquired a new position in GlycoMimetics in the fourth quarter valued at about $51,000. ADAR1 Capital Management LLC boosted its stake in GlycoMimetics by 626.1% during the 4th 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 during the last quarter. Jefferies Financial Group Inc. bought a new position in GlycoMimetics during the 4th quarter worth approximately $106,000. Wellington Management Group LLP acquired a new position in GlycoMimetics during the fourth quarter valued at approximately $352,000. Finally, VR Adviser LLC bought a new stake in GlycoMimetics in the fourth quarter valued at approximately $747,000. 75.19% of the stock is currently owned by 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.