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

Research analysts at StockNews.com initiated coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note issued to investors on Monday. The firm set a “sell” rating on the biotechnology company’s stock.

GlycoMimetics Trading Down 3.2 %

Shares of GLYC stock opened at $0.24 on Monday. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.53. The stock’s fifty day simple moving average is $0.29 and its 200-day simple moving average is $0.25.

Hedge Funds Weigh In On GlycoMimetics

An institutional investor recently raised its position in GlycoMimetics stock. Acadian Asset Management LLC increased its position in shares of GlycoMimetics, Inc. (NASDAQ:GLYC) by 61.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 534,753 shares of the biotechnology company’s stock after acquiring an additional 204,227 shares during the period. Acadian Asset Management LLC owned about 0.83% of GlycoMimetics worth $150,000 as of its most recent filing with the Securities and Exchange Commission. 75.19% of the stock is currently owned by institutional investors and hedge funds.

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.