GlycoMimetics Inc (NASDAQ:GLYC)’s share price rose 5.8% during mid-day trading on Monday . The company traded as high as $19.80 and last traded at $18.87. Approximately 1,054,134 shares traded hands during trading, an increase of 33% from the average daily volume of 795,565 shares. The stock had previously closed at $17.83.
GLYC has been the topic of a number of recent research reports. Zacks Investment Research raised GlycoMimetics from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Monday, November 13th. Cowen reissued a “buy” rating on shares of GlycoMimetics in a research report on Wednesday, December 6th. SunTrust Banks increased their price target on GlycoMimetics to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Jefferies Group reissued a “buy” rating and set a $21.00 price target on shares of GlycoMimetics in a research report on Wednesday, December 20th. Finally, Roth Capital set a $35.00 price target on GlycoMimetics and gave the stock a “buy” rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $23.00.
The firm has a market capitalization of $612.24, a PE ratio of -16.41 and a beta of 3.23.
A number of hedge funds have recently modified their holdings of the stock. Redmile Group LLC boosted its position in GlycoMimetics by 59.0% during the fourth quarter. Redmile Group LLC now owns 1,930,668 shares of the biotechnology company’s stock valued at $32,416,000 after purchasing an additional 716,580 shares in the last quarter. Nexthera Capital LP boosted its position in GlycoMimetics by 49.5% during the fourth quarter. Nexthera Capital LP now owns 480,442 shares of the biotechnology company’s stock valued at $8,067,000 after purchasing an additional 159,156 shares in the last quarter. Paloma Partners Management Co bought a new stake in GlycoMimetics during the fourth quarter valued at about $170,000. Two Sigma Investments LP bought a new stake in GlycoMimetics during the fourth quarter valued at about $384,000. Finally, Goldman Sachs Group Inc. bought a new stake in GlycoMimetics during the fourth quarter valued at about $1,900,000. 92.90% of the stock is currently owned by institutional investors.
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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