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

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a significant growth in short interest in 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 daily trading volume, of 367,100 shares, the days-to-cover ratio is presently 4.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Capital One Financial reissued an “overweight” rating on shares of GlycoMimetics in a research report on Thursday, February 22nd. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of GlycoMimetics in a research report on Wednesday, March 27th. Finally, StockNews.com downgraded GlycoMimetics from a “hold” rating to a “sell” rating in a report on Thursday, March 14th.

GlycoMimetics Trading Down 6.0 %

Shares of GLYC opened at $2.26 on Tuesday. GlycoMimetics has a 52 week low of $1.11 and a 52 week high of $3.53. The stock has a fifty day moving average of $2.89 and a 200-day moving average of $2.30.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. AXA S.A. bought a new position in GlycoMimetics during the 1st quarter worth $2,027,000. Two Sigma Advisers LP raised its position in GlycoMimetics by 210.0% during the 1st quarter. Two Sigma Advisers LP now owns 594,500 shares of the biotechnology company’s stock worth $749,000 after purchasing an additional 402,700 shares during the last quarter. First Manhattan Co. bought a new position in GlycoMimetics during the 4th quarter worth $952,000. Marshall Wace LLP bought a new position in GlycoMimetics during the 4th quarter worth $633,000. Finally, Two Sigma Investments LP raised its position in shares of GlycoMimetics by 69.7% in the 1st quarter. Two Sigma Investments LP now owns 370,569 shares of the biotechnology company’s stock worth $467,000 after acquiring an additional 152,206 shares in the last quarter. 75.19% of the stock is currently owned by institutional investors.

About GlycoMimetics

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.