GlycoMimetics, Inc. (NASDAQ:GLYC) Sees Large Increase in Short Interest

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 5,110,000 shares, a growth of 190.3% from the June 15th total of 1,760,000 shares. Based on an average trading volume of 4,320,000 shares, the days-to-cover ratio is currently 1.2 days.

Insider Transactions at GlycoMimetics

In other news, insider Edwin Rock bought 190,000 shares of the stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $0.25 per share, with a total value of $47,500.00. Following the completion of the acquisition, the insider now owns 565,403 shares of the company’s stock, valued at $141,350.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On GlycoMimetics

Large investors have recently modified their holdings of the company. Advisor OS LLC acquired a new position in shares of GlycoMimetics during the 4th quarter valued at $238,000. MJP Associates Inc. ADV purchased a new position in GlycoMimetics in the fourth quarter valued at about $238,000. Finally, Vanguard Group Inc. raised its position in GlycoMimetics by 14.0% in the first 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. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. StockNews.com initiated coverage on shares of GlycoMimetics in a research note on Tuesday. They set a “sell” rating for the company. HC Wainwright reissued a “neutral” rating on shares of GlycoMimetics in a report on Tuesday, June 4th. Finally, Capital One Financial lowered GlycoMimetics from an “overweight” rating to an “equal weight” rating in a research note on Monday, May 6th.

GlycoMimetics Stock Down 2.1 %

Shares of GLYC traded down $0.01 during mid-day trading on Friday, reaching $0.29. The company had a trading volume of 657,014 shares, compared to its average volume of 8,940,098. GlycoMimetics has a fifty-two week low of $0.24 and a fifty-two week high of $3.53. The firm has a fifty day simple moving average of $0.28 and a 200-day simple moving average of $1.89.

GlycoMimetics (NASDAQ:GLYC) last issued its earnings results on Thursday, May 9th. The biotechnology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Analysts forecast that GlycoMimetics will post -0.62 earnings per share for the current year.

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.