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

StockNews.com began coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research report released on Friday morning. The brokerage issued a sell rating on the biotechnology company’s stock.

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

GlycoMimetics Stock Performance

GLYC opened at $0.32 on Friday. The stock’s fifty day simple moving average is $0.25 and its 200 day simple moving average is $0.24. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.53.

Hedge Funds Weigh In On GlycoMimetics

Large investors have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in 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 purchasing an additional 204,227 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after buying an additional 685,151 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of GlycoMimetics by 14.0% in 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. Institutional investors own 75.19% of the company’s stock.

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.