GlycoMimetics (NASDAQ:GLYC) Trading Down 7.7%

GlycoMimetics, Inc. (NASDAQ:GLYC)’s stock price fell 7.7% during trading on Tuesday . The stock traded as low as $3.36 and last traded at $3.50. 1,346,797 shares were traded during trading, an increase of 66% from the average session volume of 813,374 shares. The stock had previously closed at $3.79.

Separately, Roth Capital increased their target price on GlycoMimetics from $9.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, December 8th.

The firm has a market cap of $167.40 million, a price-to-earnings ratio of -3.10 and a beta of 2.46. The business has a 50 day moving average price of $3.87 and a 200-day moving average price of $3.61.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its stake in GlycoMimetics by 54.2% during the 2nd quarter. Bank of America Corp DE now owns 13,887 shares of the biotechnology company’s stock valued at $52,000 after purchasing an additional 4,884 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in GlycoMimetics during the 3rd quarter valued at approximately $190,000. BNP Paribas Arbitrage SA grew its stake in GlycoMimetics by 368.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,557 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 6,730 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in GlycoMimetics by 20.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 113,094 shares of the biotechnology company’s stock valued at $347,000 after purchasing an additional 19,179 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in GlycoMimetics by 62.1% during the 3rd quarter. Acadian Asset Management LLC now owns 431,037 shares of the biotechnology company’s stock valued at $1,323,000 after purchasing an additional 165,161 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

GlycoMimetics Company Profile (NASDAQ:GLYC)

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 drug candidate include rivipansel, a pan-selectin antagonist, which has completed Phase III clinical trial for the treatment of vaso-occlusive crisis in sickle cell disease.

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