Shares of GlycoMimetics, Inc. (NASDAQ:GLYC) shot up 18.2% on Monday . The company traded as high as $14.48 and last traded at $13.97. 1,591,443 shares changed hands during mid-day trading, an increase of 242% from the average session volume of 465,047 shares. The stock had previously closed at $11.82.
A number of research firms have recently weighed in on GLYC. Zacks Investment Research cut GlycoMimetics from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Stifel Nicolaus reissued a “buy” rating and issued a $17.00 price objective (up previously from $13.00) on shares of GlycoMimetics in a research report on Friday, August 4th. BidaskClub raised GlycoMimetics from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. SunTrust Banks, Inc. set a $21.00 price objective on GlycoMimetics and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, ValuEngine raised GlycoMimetics from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.20.
The company has a 50 day moving average price of $11.28 and a 200 day moving average price of $9.04. The stock’s market capitalization is $457.14 million.
GlycoMimetics (NASDAQ:GLYC) last posted its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.07. Equities analysts forecast that GlycoMimetics, Inc. will post ($1.22) earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in GlycoMimetics by 14.9% in the first quarter. Wellington Management Group LLP now owns 3,216,751 shares of the biotechnology company’s stock valued at $17,467,000 after acquiring an additional 416,834 shares in the last quarter. Jennison Associates LLC acquired a new position in GlycoMimetics in the second quarter valued at $17,786,000. Private Capital Advisors Inc. acquired a new position in GlycoMimetics in the second quarter valued at $446,000. Sphera Funds Management LTD. boosted its stake in GlycoMimetics by 4.0% in the first quarter. Sphera Funds Management LTD. now owns 775,796 shares of the biotechnology company’s stock valued at $4,213,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Prentiss Smith & Co. Inc. boosted its stake in GlycoMimetics by 42.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 10,000 shares of the biotechnology company’s stock valued at $112,000 after acquiring an additional 3,000 shares in the last quarter. Institutional investors own 92.63% of the company’s stock.
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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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