GlycoMimetics (GLYC) Stock Rating Upgraded by Zacks Investment Research

GlycoMimetics (NASDAQ:GLYC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

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. “

GLYC has been the subject of several other reports. Roth Capital set a $35.00 price target on shares of GlycoMimetics and gave the company a “buy” rating in a research report on Thursday, February 8th. Jefferies Group reiterated a “buy” rating and set a $21.00 price objective on shares of GlycoMimetics in a research report on Wednesday, December 20th. Stifel Nicolaus reiterated a “buy” rating and set a $23.00 price objective on shares of GlycoMimetics in a research report on Thursday, December 14th. Cowen reiterated a “buy” rating on shares of GlycoMimetics in a research report on Wednesday, December 6th. Finally, BidaskClub upgraded shares of GlycoMimetics from a “hold” rating to a “buy” rating in a research report on Thursday, January 11th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. GlycoMimetics currently has an average rating of “Buy” and a consensus price target of $22.67.

Shares of GlycoMimetics (NASDAQ GLYC) traded up $0.60 during midday trading on Tuesday, reaching $23.97. 379,219 shares of the company’s stock traded hands, compared to its average volume of 596,507. GlycoMimetics has a 1 year low of $3.82 and a 1 year high of $25.20. The firm has a market cap of $766.42, a PE ratio of -19.33 and a beta of 3.40.

In other news, SVP Helen M. Thackray sold 2,000 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $15.01, for a total value of $30,020.00. Following the completion of the sale, the senior vice president now owns 148,615 shares in the company, valued at $2,230,711.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 43.80% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. MYDA Advisors LLC purchased a new stake in shares of GlycoMimetics in the fourth quarter valued at about $252,000. AXA purchased a new stake in GlycoMimetics during the fourth quarter worth about $8,579,000. USA Financial Portformulas Corp purchased a new stake in GlycoMimetics during the fourth quarter worth about $573,000. Hudson Bay Capital Management LP increased its holdings in GlycoMimetics by 12.0% during the fourth quarter. Hudson Bay Capital Management LP now owns 140,000 shares of the biotechnology company’s stock worth $2,351,000 after buying an additional 15,000 shares during the last quarter. Finally, Sphera Funds Management LTD. purchased a new stake in GlycoMimetics during the fourth quarter worth about $5,457,000. Institutional investors own 86.80% of the company’s stock.

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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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