Zacks Investment Research upgraded shares of GlycoMimetics, Inc. (NASDAQ:GLYC) from a hold rating to a buy rating in a report released on Friday. They currently have $15.00 price target on the biotechnology company’s stock.
According to Zacks, “GlycoMimetics, Inc. is a biotechnology company. The company focused on the discovery and development of novel glycomimetic drugs to address diseases in which carbohydrate biology plays a key role. It product pipeline includes GMI-170, GMI-1271, E-selectin and CXCR4 antagonist, GMI-1051 and GMI-1070 at different clinical phases. GlycoMimetics, Inc. is based in Gaithersburg, United States. “
Other research analysts have also issued reports about the stock. Stifel Nicolaus reaffirmed a buy rating and issued a $17.00 price target (up from $13.00) on shares of GlycoMimetics in a research note on Friday, August 4th. BidaskClub raised shares of GlycoMimetics from a sell rating to a hold rating in a research note on Wednesday, August 9th. SunTrust Banks, Inc. set a $21.00 target price on shares of GlycoMimetics and gave the stock a buy rating in a research note on Monday, August 7th. Finally, ValuEngine raised shares of GlycoMimetics from a sell rating to a hold rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $14.80.
Shares of GlycoMimetics (NASDAQ GLYC) opened at 12.28 on Friday. GlycoMimetics has a 52 week low of $3.82 and a 52 week high of $16.94. The company’s market capitalization is $401.84 million. The firm’s 50-day moving average price is $12.47 and its 200 day moving average price is $9.94.
GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.30) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.07. Equities analysts predict that GlycoMimetics will post ($1.22) EPS for the current year.
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In other GlycoMimetics news, SVP Helen M. Thackray sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $13.00, for a total value of $26,000.00. Following the transaction, the senior vice president now directly owns 150,615 shares of the company’s stock, valued at approximately $1,957,995. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 43.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in GlycoMimetics by 14.9% in the 1st quarter. Wellington Management Group LLP now owns 3,216,751 shares of the biotechnology company’s stock worth $17,467,000 after purchasing an additional 416,834 shares in the last quarter. Jennison Associates LLC purchased a new position in GlycoMimetics in the 2nd quarter worth approximately $17,786,000. Private Capital Advisors Inc. purchased a new position in GlycoMimetics in the 2nd quarter worth approximately $446,000. EAM Investors LLC purchased a new position in GlycoMimetics in the 2nd quarter worth approximately $3,780,000. Finally, Artal Group S.A. purchased a new position in GlycoMimetics in the 2nd quarter worth approximately $2,260,000. 92.63% of the stock is currently owned by institutional investors and hedge funds.
GlycoMimetics Company Profile
GlycoMimetics, Inc is a clinical-stage biotechnology company. The Company focuses on the discovery and development of glycomimetic drugs. The Company operates through the identification and development of glycomimetic compounds segment. The Company is developing its lead drug candidate, GMI-1070 (Rivipansel), for the treatment of vaso-occlusive crisis (VOC), a debilitating and painful condition that occurs periodically throughout the life of a person with sickle cell disease.
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