GlycoMimetics (GLYC) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of GlycoMimetics (NASDAQ:GLYC) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. They currently have $14.00 price objective on the biotechnology company’s stock.

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 research analysts have also issued reports on GLYC. BidaskClub upgraded GlycoMimetics from a hold rating to a buy rating in a research report on Wednesday, April 24th. Cowen restated a buy rating on shares of GlycoMimetics in a research report on Friday, May 3rd. HC Wainwright restated a buy rating and set a $23.00 price objective on shares of GlycoMimetics in a research report on Friday, April 12th. Piper Jaffray Companies assumed coverage on GlycoMimetics in a research report on Friday, April 12th. They set an overweight rating and a $20.00 price objective for the company. Finally, ValuEngine lowered GlycoMimetics from a buy rating to a hold rating in a research report on Monday, February 4th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. GlycoMimetics has an average rating of Buy and a consensus price target of $23.20.

NASDAQ:GLYC traded down $0.18 during midday trading on Wednesday, reaching $12.19. 99,505 shares of the company traded hands, compared to its average volume of 160,619. GlycoMimetics has a twelve month low of $8.29 and a twelve month high of $19.20. The firm has a market capitalization of $534.15 million, a P/E ratio of -10.33 and a beta of 2.68. The company has a debt-to-equity ratio of 0.02, a current ratio of 23.88 and a quick ratio of 24.22.

GlycoMimetics (NASDAQ:GLYC) last released its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.01. Research analysts anticipate that GlycoMimetics will post -1.2 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in GlycoMimetics by 1.5% during the 1st quarter. BlackRock Inc. now owns 2,886,908 shares of the biotechnology company’s stock worth $35,970,000 after acquiring an additional 42,015 shares during the period. Vanguard Group Inc boosted its position in GlycoMimetics by 1.6% during the 3rd quarter. Vanguard Group Inc now owns 1,691,550 shares of the biotechnology company’s stock worth $24,358,000 after acquiring an additional 26,951 shares during the period. Vanguard Group Inc. boosted its position in GlycoMimetics by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,691,550 shares of the biotechnology company’s stock worth $24,358,000 after acquiring an additional 26,951 shares during the period. Dimensional Fund Advisors LP boosted its position in GlycoMimetics by 40.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 866,962 shares of the biotechnology company’s stock worth $10,803,000 after acquiring an additional 249,542 shares during the period. Finally, Geode Capital Management LLC boosted its position in GlycoMimetics by 16.2% during the 4th quarter. Geode Capital Management LLC now owns 412,003 shares of the biotechnology company’s stock worth $3,901,000 after acquiring an additional 57,392 shares during the period.

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. The company's advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and is in a Phase III clinical trial, conducted by its strategic collaboration with Pfizer Inc It is also developing uproleselan, an E-selectin antagonist that is evaluated in a Phase I/II clinical trial as a potential treatment for acute myeloid leukemia (AML), as well as Phase III trial to treat relapsed/refractory AML.

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