Stock Traders Purchase Large Volume of Call Options on GlycoMimetics (NASDAQ:GLYC)

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of some unusual options trading on Tuesday. Stock traders purchased 11,550 call options on the stock. This is an increase of 15,300% compared to the average volume of 75 call options.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. StockNews.com initiated coverage on shares of GlycoMimetics in a research report on Tuesday. They set a “sell” rating on the stock. TD Cowen cut GlycoMimetics from a “buy” rating to a “hold” rating in a report on Friday, July 26th.

Insider Activity at GlycoMimetics

In other news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $0.19, for a total transaction of $31,259.37. Following the transaction, the insider now directly owns 6,695,658 shares of the company’s stock, valued at $1,272,175.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 289,575 shares of company stock valued at $56,311. 8.70% of the stock is owned by corporate insiders.

Institutional Trading of GlycoMimetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLYC. Vanguard Group Inc. increased 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 buying an additional 340,112 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of GlycoMimetics by 483.5% during the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after acquiring an additional 685,151 shares during the period. Finally, Acadian Asset Management LLC increased its holdings 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 acquiring an additional 204,227 shares in the last quarter. 75.19% of the stock is owned by hedge funds and other institutional investors.

GlycoMimetics Stock Performance

Shares of NASDAQ GLYC traded down $0.02 during midday trading on Wednesday, hitting $0.47. 41,622,201 shares of the company’s stock traded hands, compared to its average volume of 7,394,026. The firm has a fifty day moving average of $0.17 and a 200 day moving average of $0.40. GlycoMimetics has a 1 year low of $0.14 and a 1 year high of $3.53. The stock has a market capitalization of $30.13 million, a price-to-earnings ratio of -0.84 and a beta of 2.06.

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.