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

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

Separately, TD Cowen downgraded shares of GlycoMimetics from a buy rating to a hold rating in a research note on Friday, July 26th.

GlycoMimetics Stock Performance

NASDAQ GLYC opened at $0.15 on Friday. The stock has a market cap of $9.85 million, a PE ratio of -0.26 and a beta of 2.06. GlycoMimetics has a 12 month low of $0.15 and a 12 month high of $3.53. The company’s 50-day moving average price is $0.17 and its 200-day moving average price is $0.67.

Insider Transactions at GlycoMimetics

In related news, major shareholder Public Equities L.P. Invus sold 164,523 shares of GlycoMimetics stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $0.19, for a total value of $31,259.37. Following the completion of the sale, the insider now directly owns 6,695,658 shares in the company, valued at $1,272,175.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 911,859 shares of company stock valued at $205,659. 8.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GlycoMimetics

Several institutional investors have recently bought and sold shares of GLYC. Acadian Asset Management LLC lifted its holdings in GlycoMimetics by 61.8% during the second quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after buying an additional 204,227 shares during the period. Renaissance Technologies LLC lifted 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 worth $233,000 after purchasing an additional 685,151 shares during the last quarter. Finally, Vanguard Group Inc. boosted 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 valued at $8,286,000 after purchasing an additional 340,112 shares in the last quarter. 75.19% of the stock is owned by hedge funds and other institutional investors.

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.