GlycoMimetics (GLYC) Shares Up 10.7%

GlycoMimetics Inc (NASDAQ:GLYC) shares shot up 10.7% during trading on Friday . The stock traded as high as $22.49 and last traded at $21.75. 836,600 shares changed hands during trading, an increase of 45% from the average session volume of 576,417 shares. The stock had previously closed at $19.65.

Several research firms have commented on GLYC. Zacks Investment Research downgraded shares of GlycoMimetics from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub raised shares of GlycoMimetics from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Jefferies Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of GlycoMimetics in a report on Wednesday, December 20th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $23.00 price target on shares of GlycoMimetics in a report on Thursday, December 14th. Finally, SunTrust Banks increased their price target on shares of GlycoMimetics to $32.00 and gave the company a “buy” rating in a report on Tuesday, December 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. GlycoMimetics presently has a consensus rating of “Buy” and an average price target of $21.00.

The stock has a market capitalization of $810.03, a price-to-earnings ratio of -17.54 and a beta of 3.21.

GlycoMimetics (NASDAQ:GLYC) last announced its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported ($0.24) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.04. sell-side analysts anticipate that GlycoMimetics Inc will post -1.12 EPS for the current fiscal year.

In other GlycoMimetics news, SVP Helen M. Thackray sold 2,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $15.01, for a total value of $30,020.00. Following the completion of the sale, the senior vice president now owns 148,615 shares of the company’s stock, valued at $2,230,711.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 43.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd lifted its stake in GlycoMimetics by 43.7% in the third quarter. Dynamic Technology Lab Private Ltd now owns 18,974 shares of the biotechnology company’s stock worth $265,000 after purchasing an additional 5,767 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in GlycoMimetics by 2.6% in the third quarter. Alyeska Investment Group L.P. now owns 358,962 shares of the biotechnology company’s stock worth $5,022,000 after purchasing an additional 8,962 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in GlycoMimetics in the third quarter worth about $173,000. Russell Investments Group Ltd. lifted its stake in GlycoMimetics by 172.4% in the second quarter. Russell Investments Group Ltd. now owns 31,379 shares of the biotechnology company’s stock worth $350,000 after purchasing an additional 19,859 shares during the last quarter. Finally, Citadel Advisors LLC bought a new stake in GlycoMimetics in the second quarter worth about $249,000. 86.66% of the stock is owned by institutional investors and hedge funds.

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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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