GlycoMimetics, Inc. (NASDAQ:GLYC) Sees Significant Drop in Short Interest

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,820,000 shares, a drop of 5.7% from the August 31st total of 1,930,000 shares. Based on an average trading volume of 3,640,000 shares, the days-to-cover ratio is presently 0.5 days.

Insider Activity at GlycoMimetics

In other GlycoMimetics news, major shareholder Public Equities L.P. Invus sold 363,949 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $0.24, for a total value of $87,347.76. Following the sale, the insider now owns 7,966,780 shares of the company’s stock, valued at approximately $1,912,027.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 911,859 shares of company stock valued at $205,659 over the last three months. 8.70% of the stock is owned by insiders.

Institutional Trading of GlycoMimetics

A number of large investors have recently bought and sold shares of GLYC. Vanguard Group Inc. boosted its position in shares of GlycoMimetics by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock valued at $8,286,000 after purchasing an additional 340,112 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of GlycoMimetics by 61.8% in the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock valued at $150,000 after acquiring an additional 204,227 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of GlycoMimetics by 483.5% during the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after acquiring an additional 685,151 shares during the period. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLYC. StockNews.com assumed coverage on GlycoMimetics in a research note on Friday, September 27th. They issued a “sell” rating for the company. HC Wainwright reiterated a “neutral” rating on shares of GlycoMimetics in a report on Tuesday, June 4th. Finally, TD Cowen lowered shares of GlycoMimetics from a “buy” rating to a “hold” rating in a report on Friday, July 26th.

GlycoMimetics Stock Performance

NASDAQ:GLYC opened at $0.17 on Wednesday. The company has a market capitalization of $10.69 million, a PE ratio of -0.29 and a beta of 2.07. GlycoMimetics has a fifty-two week low of $0.16 and a fifty-two week high of $3.53. The company has a 50 day simple moving average of $0.18 and a two-hundred day simple moving average of $0.79.

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.