StockNews.com Begins Coverage on GlycoMimetics (NASDAQ:GLYC)

StockNews.com initiated coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note issued to investors on Sunday. The firm issued a sell rating on the biotechnology company’s stock.

Separately, TD Cowen lowered GlycoMimetics from a “buy” rating to a “hold” rating in a research report on Friday, July 26th.

GlycoMimetics Price Performance

GLYC opened at $0.16 on Friday. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.53. The stock has a market cap of $10.11 million, a P/E ratio of -0.27 and a beta of 2.06. The stock’s 50 day simple moving average is $0.17 and its 200 day simple moving average is $0.57.

Insider Transactions at GlycoMimetics

In other news, major shareholder Public Equities L.P. Invus sold 363,949 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $0.24, for a total value of $87,347.76. Following the completion of the sale, the insider now owns 7,966,780 shares in the company, valued at $1,912,027.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 911,859 shares of company stock valued at $205,659 in the last three months. 8.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GlycoMimetics

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC raised its stake in shares of GlycoMimetics by 61.8% in the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock valued at $150,000 after buying an additional 204,227 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 340,112 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of GlycoMimetics by 483.5% in the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after purchasing an additional 685,151 shares during the last quarter. Institutional investors and hedge funds own 75.19% of the company’s stock.

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.