GlycoMimetics, Inc. (GLYC) Downgraded to Hold at Zacks Investment Research
GlycoMimetics, Inc. (NASDAQ:GLYC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
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. “
Several other equities research analysts have also recently commented on GLYC. Cowen and Company reissued an “outperform” rating on shares of GlycoMimetics in a research report on Sunday, May 28th. Stifel Nicolaus reissued a “buy” rating and set a $13.00 price target on shares of GlycoMimetics in a research report on Tuesday, June 6th. Jefferies Group LLC cut their price target on shares of GlycoMimetics from $16.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, June 6th. ValuEngine raised shares of GlycoMimetics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $12.00 target price on shares of GlycoMimetics in a report on Friday, May 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. GlycoMimetics has an average rating of “Buy” and a consensus target price of $12.40.
GlycoMimetics (NASDAQ:GLYC) traded up 4.60% during trading on Thursday, reaching $11.83. 476,775 shares of the company’s stock traded hands. The firm’s market cap is $291.49 million. The firm has a 50 day moving average price of $11.62 and a 200-day moving average price of $7.58. GlycoMimetics has a 12 month low of $3.82 and a 12 month high of $16.94.
GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Monday, May 8th. The biotechnology company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.03. On average, analysts forecast that GlycoMimetics will post ($1.41) earnings per share for the current fiscal year.
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In related news, SVP Helen M. Thackray sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $15.57, for a total value of $31,140.00. Following the transaction, the senior vice president now owns 152,615 shares in the company, valued at approximately $2,376,215.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 43.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in GLYC. Private Capital Advisors Inc. bought a new position in shares of GlycoMimetics during the second quarter worth approximately $446,000. Prentiss Smith & Co. Inc. raised 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 during the period. Wellington Management Group LLP raised its position in shares of GlycoMimetics by 14.9% in the first quarter. Wellington Management Group LLP now owns 3,216,751 shares of the biotechnology company’s stock worth $17,467,000 after buying an additional 416,834 shares during the period. Sphera Funds Management LTD. raised its position in shares of GlycoMimetics by 4.0% in the first quarter. Sphera Funds Management LTD. now owns 775,796 shares of the biotechnology company’s stock worth $4,213,000 after buying an additional 30,000 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of GlycoMimetics during the fourth quarter worth approximately $172,000. Institutional investors and hedge funds own 62.01% of the company’s stock.
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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