GlycoMimetics (NASDAQ:GLYC) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a report released on Friday. The firm set a “sell” rating on the biotechnology company’s stock.

GlycoMimetics Stock Up 1.6 %

GlycoMimetics stock opened at $0.26 on Friday. The firm’s fifty day moving average price is $0.27 and its two-hundred day moving average price is $0.25. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.18.

GlycoMimetics (NASDAQ:GLYC) last released its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. Analysts anticipate that GlycoMimetics will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GlycoMimetics

Several large investors have recently modified their holdings of GLYC. Wellington Management Group LLP acquired a new position in GlycoMimetics during the 4th quarter worth about $352,000. ADAR1 Capital Management LLC boosted its holdings in GlycoMimetics by 626.1% during the 4th quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after acquiring an additional 286,127 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in GlycoMimetics during the 4th quarter valued at about $1,268,000. Caxton Corp purchased a new position in GlycoMimetics during the 4th quarter valued at about $51,000. Finally, Jefferies Financial Group Inc. purchased a new position in GlycoMimetics during the 4th quarter valued at about $106,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

About GlycoMimetics

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.