GlycoMimetics Inc (NASDAQ:GLYC)’s share price shot up 2.4% during mid-day trading on Wednesday . The stock traded as high as $4.23 and last traded at $4.30, 16,758 shares traded hands during trading. A decline of 97% from the average session volume of 632,497 shares. The stock had previously closed at $4.20.
GLYC has been the subject of a number of analyst reports. SunTrust Banks downgraded shares of GlycoMimetics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $23.00 to $5.00 in a research note on Monday, August 5th. Jefferies Financial Group downgraded GlycoMimetics from a “buy” rating to a “hold” rating in a report on Monday, August 5th. BidaskClub downgraded GlycoMimetics from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Piper Jaffray Companies cut GlycoMimetics from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $6.00 in a research report on Sunday, August 4th. Finally, Zacks Investment Research upgraded GlycoMimetics from a “hold” rating to a “buy” rating and set a $3.25 price objective on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $13.45.
The company’s 50 day moving average is $4.84 and its 200 day moving average is $10.24. The company has a current ratio of 17.54, a quick ratio of 17.54 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $158.95 million, a price-to-earnings ratio of -3.77 and a beta of 2.71.
GlycoMimetics (NASDAQ:GLYC) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.01). Analysts anticipate that GlycoMimetics Inc will post -1.51 EPS for the current fiscal year.
In other news, major shareholder Bvf Partners L. P/Il acquired 1,668,746 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was acquired at an average cost of $3.18 per share, with a total value of $5,306,612.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel M. Junius bought 10,000 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $3.18 per share, for a total transaction of $31,800.00. Following the completion of the transaction, the director now owns 18,000 shares of the company’s stock, valued at approximately $57,240. The disclosure for this purchase can be found here. 26.80% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. purchased a new position in GlycoMimetics during the 2nd quarter worth $56,816,000. OppenheimerFunds Inc. grew its holdings in shares of GlycoMimetics by 0.3% during the first quarter. OppenheimerFunds Inc. now owns 4,760,080 shares of the biotechnology company’s stock worth $59,311,000 after buying an additional 16,406 shares during the last quarter. FMR LLC grew its holdings in shares of GlycoMimetics by 10.3% during the first quarter. FMR LLC now owns 3,896,740 shares of the biotechnology company’s stock worth $48,553,000 after buying an additional 365,096 shares during the last quarter. Redmile Group LLC increased its position in GlycoMimetics by 2.0% in the 1st quarter. Redmile Group LLC now owns 2,018,247 shares of the biotechnology company’s stock valued at $25,147,000 after acquiring an additional 39,700 shares during the period. Finally, AXA increased its position in GlycoMimetics by 0.6% in the 2nd quarter. AXA now owns 930,551 shares of the biotechnology company’s stock valued at $11,092,000 after acquiring an additional 5,407 shares during the period.
About GlycoMimetics (NASDAQ:GLYC)
GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in the United States. The company's advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and is in a Phase III clinical trial, conducted by its strategic collaboration with Pfizer Inc It is also developing uproleselan, an E-selectin antagonist that is evaluated in a Phase I/II clinical trial as a potential treatment for acute myeloid leukemia (AML), as well as Phase III trial to treat relapsed/refractory AML.
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