GlycoMimetics (NASDAQ:GLYC) Cut to “Hold” at Zacks Investment Research

June 27th, 2020 – Comments Off on GlycoMimetics (NASDAQ:GLYC) Cut to “Hold” at Zacks Investment ResearchFiled Under
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GlycoMimetics Inc logoZacks Investment Research lowered shares of GlycoMimetics (NASDAQ:GLYC) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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 research firms have also commented on GLYC. HC Wainwright reissued a buy rating and set a $16.00 target price on shares of GlycoMimetics in a research note on Friday, May 1st. Cowen started coverage on shares of GlycoMimetics in a research note on Friday, March 27th. They set a buy rating for the company. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. GlycoMimetics presently has a consensus rating of Buy and a consensus price target of $7.60.

Shares of NASDAQ:GLYC opened at $3.01 on Tuesday. The company has a 50 day moving average of $2.99 and a 200-day moving average of $3.66. The firm has a market cap of $135.53 million, a P/E ratio of -2.51 and a beta of 2.51. GlycoMimetics has a twelve month low of $1.82 and a twelve month high of $13.44. The company has a current ratio of 14.78, a quick ratio of 14.78 and a debt-to-equity ratio of 0.02.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Friday, May 1st. The biotechnology company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.12. The company had revenue of $9.00 million during the quarter. Equities research analysts forecast that GlycoMimetics will post -1.43 EPS for the current year.

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in shares of GlycoMimetics by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 121,911 shares of the biotechnology company’s stock valued at $278,000 after acquiring an additional 8,879 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of GlycoMimetics by 37.3% in the 1st quarter. Two Sigma Investments LP now owns 275,725 shares of the biotechnology company’s stock valued at $629,000 after acquiring an additional 74,905 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of GlycoMimetics by 30.4% in the 1st quarter. Wellington Management Group LLP now owns 4,831,896 shares of the biotechnology company’s stock valued at $11,016,000 after acquiring an additional 1,125,919 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of GlycoMimetics in the 1st quarter valued at approximately $29,000. Finally, Federated Hermes Inc. lifted its position in shares of GlycoMimetics by 222.6% in the 1st quarter. Federated Hermes Inc. now owns 444,639 shares of the biotechnology company’s stock valued at $1,014,000 after acquiring an additional 306,811 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

About GlycoMimetics

GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in the United States. The company’s advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and is in a Phase III clinical trial, conducted by its strategic collaboration with Pfizer Inc It is also developing uproleselan, an E-selectin antagonist that is evaluated in a Phase I/II clinical trial as a potential treatment for acute myeloid leukemia (AML), as well as Phase III trial to treat relapsed/refractory AML.

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