Cowen Reiterates Buy Rating for GlycoMimetics (GLYC)

GlycoMimetics (NASDAQ:GLYC)‘s stock had its “buy” rating reaffirmed by analysts at Cowen in a research note issued on Monday.

Several other equities research analysts have also recently commented on GLYC. Stifel Nicolaus restated a “buy” rating and issued a $24.00 target price on shares of GlycoMimetics in a research note on Sunday. BidaskClub cut GlycoMimetics from a “hold” rating to a “sell” rating in a research note on Saturday, July 28th. ValuEngine cut GlycoMimetics from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 21st. Finally, Zacks Investment Research upgraded GlycoMimetics from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. GlycoMimetics currently has a consensus rating of “Buy” and a consensus target price of $25.00.

NASDAQ GLYC traded up $0.17 during trading on Monday, hitting $14.62. The stock had a trading volume of 355,632 shares, compared to its average volume of 654,203. The stock has a market capitalization of $614.08 million, a price-to-earnings ratio of -12.95 and a beta of 3.28. GlycoMimetics has a 12 month low of $10.06 and a 12 month high of $26.05.

GlycoMimetics (NASDAQ:GLYC) last released its earnings results on Friday, August 10th. The biotechnology company reported ($0.26) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.08. sell-side analysts forecast that GlycoMimetics will post -1.18 earnings per share for the current fiscal year.

In other news, CFO Brian M. Hahn sold 19,345 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $18.04, for a total transaction of $348,983.80. Following the sale, the chief financial officer now owns 19,345 shares in the company, valued at approximately $348,983.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 26.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in GLYC. BlackRock Inc. raised its stake in shares of GlycoMimetics by 89.1% during the 4th quarter. BlackRock Inc. now owns 991,948 shares of the biotechnology company’s stock worth $16,655,000 after purchasing an additional 467,338 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of GlycoMimetics during the 4th quarter worth approximately $1,900,000. Two Sigma Investments LP acquired a new position in shares of GlycoMimetics during the 4th quarter worth approximately $384,000. Alps Advisors Inc. increased its holdings in shares of GlycoMimetics by 21.0% during the 1st quarter. Alps Advisors Inc. now owns 46,054 shares of the biotechnology company’s stock worth $747,000 after acquiring an additional 8,004 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of GlycoMimetics during the 1st quarter worth approximately $220,000.

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. Its advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and has evaluated in a Phase 3 clinical trial, conducted by its strategic collaboration with Pfizer Inc The company's drug candidate, GMI-1271, an E-selectin antagonist, is evaluated in a Phase 1/2 clinical trial as a potential treatment for acute myeloid leukemia and is in a Phase 1 clinical trial for the treatment of multiple myeloma.

Featured Story: Trading Strategy

Analyst Recommendations for GlycoMimetics (NASDAQ:GLYC)

Receive News & Ratings for GlycoMimetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GlycoMimetics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply