Zacks Investment Research Downgrades GlycoMimetics, Inc. (NASDAQ:GLYC) to Sell
GlycoMimetics, Inc. (NASDAQ:GLYC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
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. “
A number of other analysts have also recently commented on the company. SunTrust Banks, Inc. set a $21.00 target price on GlycoMimetics and gave the stock a “buy” rating in a research report on Monday. Stifel Nicolaus reiterated a “buy” rating and set a $17.00 target price on shares of GlycoMimetics in a research report on Friday, August 4th. Jefferies Group LLC cut their target price on GlycoMimetics from $16.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, June 6th. ValuEngine upgraded GlycoMimetics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Cowen and Company reiterated an “outperform” rating on shares of GlycoMimetics in a research report on Sunday, May 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $14.20.
Shares of GlycoMimetics (NASDAQ GLYC) opened at 11.93 on Monday. The firm’s 50-day moving average price is $11.55 and its 200 day moving average price is $7.97. The stock’s market cap is $293.96 million. GlycoMimetics has a 1-year low of $3.82 and a 1-year high of $16.94.
GlycoMimetics (NASDAQ:GLYC) last posted its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.30) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.07. On average, equities analysts expect that GlycoMimetics will post ($1.22) earnings per share for the current fiscal year.
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In related news, SVP Helen M. Thackray sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $15.57, for a total transaction of $31,140.00. Following the transaction, the senior vice president now owns 152,615 shares of the company’s stock, valued at $2,376,215.55. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 43.80% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Prentiss Smith & Co. Inc. raised its position in GlycoMimetics by 42.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 10,000 shares of the biotechnology company’s stock worth $112,000 after buying an additional 3,000 shares in the last quarter. Russell Investments Group Ltd. bought a new position in GlycoMimetics during the fourth quarter worth about $172,000. TD Asset Management Inc. bought a new position in GlycoMimetics during the second quarter worth about $362,000. Private Capital Advisors Inc. bought a new position in GlycoMimetics during the second quarter worth about $446,000. Finally, Bank of New York Mellon Corp raised its position in GlycoMimetics by 159.4% in the second quarter. Bank of New York Mellon Corp now owns 92,911 shares of the biotechnology company’s stock worth $1,037,000 after buying an additional 57,091 shares in the last quarter. 61.80% of the stock is currently owned by hedge funds and other institutional investors.
GlycoMimetics Company Profile
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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