GlycoMimetics, Inc. (NASDAQ:GLYC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $12.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 7.72% from the company’s previous close.

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 recently issued reports about the stock. ValuEngine upgraded shares of GlycoMimetics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC reduced their price objective on shares of GlycoMimetics from $16.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, June 6th. Cowen and Company reiterated an “outperform” rating on shares of GlycoMimetics in a report on Sunday, May 28th. Canaccord Genuity reiterated a “buy” rating and set a $12.00 price objective on shares of GlycoMimetics in a report on Friday, May 19th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $13.00 price objective on shares of GlycoMimetics in a report on Tuesday, June 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $12.40.

GlycoMimetics (NASDAQ:GLYC) traded up 2.01% during midday trading on Tuesday, reaching $11.14. 257,301 shares of the company traded hands. The stock’s market capitalization is $274.49 million. GlycoMimetics has a 12-month low of $3.82 and a 12-month high of $16.94. The company has a 50 day moving average of $11.17 and a 200-day moving average of $7.06.

GlycoMimetics (NASDAQ:GLYC) last posted its quarterly earnings results on Monday, May 8th. The biotechnology company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.03. Equities analysts anticipate that GlycoMimetics will post ($1.41) EPS for the current fiscal year.

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In other news, SVP Helen M. Thackray sold 2,000 shares of GlycoMimetics stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $15.57, for a total transaction of $31,140.00. Following the completion of the transaction, the senior vice president now directly owns 152,615 shares in the company, valued at $2,376,215.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 43.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prentiss Smith & Co. Inc. boosted its position in shares of GlycoMimetics by 42.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 10,000 shares of the biotechnology company’s stock worth $112,000 after buying an additional 3,000 shares in the last quarter. Strs Ohio acquired a new position in shares of GlycoMimetics during the second quarter worth about $115,000. Schwab Charles Investment Management Inc. acquired a new position in shares of GlycoMimetics during the second quarter worth about $143,000. California State Teachers Retirement System acquired a new position in shares of GlycoMimetics during the second quarter worth about $156,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of GlycoMimetics during the fourth quarter worth about $172,000. Hedge funds and other institutional investors own 62.01% of the company’s stock.

About GlycoMimetics

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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Analyst Recommendations for GlycoMimetics (NASDAQ:GLYC)

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