GlycoMimetics (NASDAQ:GLYC) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note published on Wednesday morning. The firm issued a sell rating on the biotechnology company’s stock.

GlycoMimetics Trading Up 3.8 %

Shares of NASDAQ GLYC opened at $0.28 on Wednesday. GlycoMimetics has a 1 year low of $0.14 and a 1 year high of $3.18. The company’s 50-day moving average is $0.27 and its 200 day moving average is $0.25.

GlycoMimetics (NASDAQ:GLYC) last announced its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.05. On average, research analysts anticipate that GlycoMimetics will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On GlycoMimetics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. purchased a new position in shares of GlycoMimetics during the fourth quarter valued at about $1,268,000. VR Adviser LLC bought a new position in GlycoMimetics during the fourth quarter valued at approximately $747,000. Wellington Management Group LLP bought a new position in GlycoMimetics during the fourth quarter valued at approximately $352,000. Jefferies Financial Group Inc. purchased a new stake in GlycoMimetics during the fourth quarter valued at approximately $106,000. Finally, ADAR1 Capital Management LLC increased its holdings in GlycoMimetics by 626.1% during the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after buying an additional 286,127 shares during the last quarter. Hedge funds and other institutional investors 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.