GlycoMimetics (NASDAQ:GLYC) Rating Lowered to Hold at Zacks Investment Research

GlycoMimetics (NASDAQ:GLYC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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. “

GLYC has been the topic of several other research reports. ValuEngine upgraded shares of GlycoMimetics from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. BidaskClub upgraded shares of GlycoMimetics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 16th. Roth Capital lowered their price objective on shares of GlycoMimetics from $12.00 to $9.00 in a research note on Thursday, November 21st. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of GlycoMimetics in a research note on Friday, November 8th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $5.00 price objective (down previously from $6.00) on shares of GlycoMimetics in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. GlycoMimetics presently has a consensus rating of “Buy” and a consensus price target of $8.40.

Shares of NASDAQ GLYC opened at $4.99 on Wednesday. The firm’s 50-day moving average price is $5.59 and its 200-day moving average price is $6.17. The company has a quick ratio of 16.75, a current ratio of 16.75 and a debt-to-equity ratio of 0.02. The company has a market cap of $221.14 million, a PE ratio of -4.23 and a beta of 2.58. GlycoMimetics has a 52-week low of $2.64 and a 52-week high of $13.56.

GlycoMimetics (NASDAQ:GLYC) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.08. As a group, equities research analysts anticipate that GlycoMimetics will post -1.36 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System bought a new stake in GlycoMimetics during the 3rd quarter worth approximately $45,000. Aperio Group LLC bought a new stake in GlycoMimetics during the 2nd quarter worth approximately $49,000. Tower Research Capital LLC TRC raised its stake in GlycoMimetics by 7,635.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 14,001 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 13,820 shares during the period. Prentiss Smith & Co. Inc. bought a new stake in GlycoMimetics during the 3rd quarter worth approximately $73,000. Finally, Barclays PLC raised its stake in GlycoMimetics by 17.3% during the 3rd quarter. Barclays PLC now owns 40,286 shares of the biotechnology company’s stock worth $174,000 after acquiring an additional 5,948 shares during the period. Institutional investors own 96.07% of the company’s stock.

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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