StockNews.com Begins Coverage on GlycoMimetics (NASDAQ:GLYC)

StockNews.com assumed coverage on shares of GlycoMimetics (NASDAQ:GLYC) in a research note issued to investors on Thursday morning. The firm issued a sell rating on the biotechnology company’s stock.

Separately, TD Cowen cut shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research report on Friday, July 26th.

GlycoMimetics Stock Performance

NASDAQ:GLYC opened at $0.42 on Thursday. The stock’s 50-day moving average is $0.23 and its 200-day moving average is $0.27. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.53.

Hedge Funds Weigh In On GlycoMimetics

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in 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 during the period. Renaissance Technologies LLC lifted its position in shares of GlycoMimetics by 483.5% in the 2nd quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 685,151 shares during the period. Finally, Acadian Asset Management LLC boosted 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 purchasing an additional 204,227 shares during the last quarter. 75.19% of the stock is currently owned by institutional investors.

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.