GlycoMimetics (NASDAQ:GLYC) Stock Passes Below 200 Day Moving Average – Here’s What Happened

Shares of GlycoMimetics, Inc. (NASDAQ:GLYC) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.25 and traded as low as $0.24. GlycoMimetics shares last traded at $0.27, with a volume of 154,034 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on GlycoMimetics in a research report on Thursday. They issued a “sell” rating on the stock.

GlycoMimetics Price Performance

The company has a 50-day simple moving average of $0.27 and a two-hundred day simple moving average of $0.25.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.05. As a group, equities analysts expect that GlycoMimetics, Inc. will post -0.08 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. purchased a new position in shares of GlycoMimetics during the 4th quarter valued at $1,268,000. VR Adviser LLC purchased a new position in shares of GlycoMimetics during the 4th quarter valued at $747,000. Wellington Management Group LLP purchased a new position in shares of GlycoMimetics during the 4th quarter valued at $352,000. Jefferies Financial Group Inc. purchased a new position in shares of GlycoMimetics during the 4th quarter valued at $106,000. Finally, ADAR1 Capital Management LLC raised its stake in shares of GlycoMimetics by 626.1% during the 4th quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 286,127 shares during the period. Hedge funds and other institutional investors own 75.19% of the company’s stock.

GlycoMimetics Company Profile

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.