GlycoMimetics, Inc. (NASDAQ:GLYC) Sees Significant Increase in Short Interest

GlycoMimetics, Inc. (NASDAQ:GLYC) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,590,000 shares, a growth of 6.7% from the March 15th total of 1,490,000 shares. Based on an average trading volume of 367,100 shares, the short-interest ratio is currently 4.3 days.

GlycoMimetics Price Performance

GlycoMimetics stock opened at $2.28 on Thursday. The firm’s fifty day moving average price is $2.87 and its 200 day moving average price is $2.30. The company has a market capitalization of $146.95 million, a price-to-earnings ratio of -3.93 and a beta of 2.18. GlycoMimetics has a 12-month low of $1.11 and a 12-month high of $3.53.

Institutional Investors Weigh In On GlycoMimetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its position in shares of GlycoMimetics by 20.4% during the 2nd quarter. Renaissance Technologies LLC now owns 566,400 shares of the biotechnology company’s stock valued at $339,000 after buying an additional 95,800 shares during the last quarter. Millennium Management LLC boosted its stake in GlycoMimetics by 7.5% during the 2nd quarter. Millennium Management LLC now owns 434,655 shares of the biotechnology company’s stock valued at $260,000 after purchasing an additional 30,466 shares during the period. Vanguard Group Inc. boosted its stake in GlycoMimetics by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,879,412 shares of the biotechnology company’s stock valued at $1,037,000 after purchasing an additional 32,650 shares during the period. Dimensional Fund Advisors LP acquired a new position in GlycoMimetics during the 4th quarter valued at about $225,000. Finally, Geode Capital Management LLC boosted its stake in GlycoMimetics by 13.1% during the 4th quarter. Geode Capital Management LLC now owns 405,335 shares of the biotechnology company’s stock valued at $1,228,000 after purchasing an additional 46,940 shares during the period. Institutional investors own 75.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GLYC shares. StockNews.com lowered shares of GlycoMimetics from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Capital One Financial reiterated an “overweight” rating on shares of GlycoMimetics in a report on Thursday, February 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of GlycoMimetics in a report on Wednesday, March 27th.

GlycoMimetics Company Profile

GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of glycobiology-based therapies for cancers, including acute myeloid leukemia (AML) and inflammatory diseases with unmet needs in the United States. It is developing uproleselan, an E-selectin antagonist, which is used in combination with chemotherapy to treat AML, as well as in phase 3 trial to treat relapsed/refractory AML.