GlycoMimetics (GLYC) Upgraded at Zacks Investment Research

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GlycoMimetics (NASDAQ:GLYC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $14.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.19% from the company’s current price.

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

NASDAQ GLYC traded down $0.05 during trading hours on Wednesday, reaching $12.26. The company had a trading volume of 103,600 shares, compared to its average volume of 226,774. GlycoMimetics has a 1-year low of $8.29 and a 1-year high of $19.20. The stock has a market capitalization of $560.35 million, a P/E ratio of -10.39 and a beta of 2.68.

GlycoMimetics (NASDAQ:GLYC) last posted its earnings results on Thursday, May 2nd. The biotechnology company reported ($0.33) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.01. On average, equities research analysts anticipate that GlycoMimetics will post -1.2 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of GLYC. Virtus ETF Advisers LLC increased its stake in shares of GlycoMimetics by 3.7% during the fourth quarter. Virtus ETF Advisers LLC now owns 29,862 shares of the biotechnology company’s stock worth $283,000 after buying an additional 1,057 shares during the period. Bank of New York Mellon Corp increased its stake in shares of GlycoMimetics by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 144,163 shares of the biotechnology company’s stock worth $1,365,000 after buying an additional 2,718 shares during the period. Prentiss Smith & Co. Inc. increased its stake in shares of GlycoMimetics by 42.9% during the fourth quarter. Prentiss Smith & Co. Inc. now owns 10,000 shares of the biotechnology company’s stock worth $95,000 after buying an additional 3,000 shares during the period. TD Asset Management Inc. increased its stake in shares of GlycoMimetics by 4.7% during the fourth quarter. TD Asset Management Inc. now owns 76,110 shares of the biotechnology company’s stock worth $721,000 after buying an additional 3,438 shares during the period. Finally, Alps Advisors Inc. increased its stake in shares of GlycoMimetics by 4.5% during the first quarter. Alps Advisors Inc. now owns 104,192 shares of the biotechnology company’s stock worth $1,298,000 after buying an additional 4,507 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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