GlycoMimetics (NASDAQ:GLYC) Coverage Initiated at StockNews.com

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

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

GlycoMimetics Trading Down 3.5 %

GLYC opened at $0.38 on Wednesday. GlycoMimetics has a 1-year low of $0.14 and a 1-year high of $3.53. The firm’s 50 day simple moving average is $0.20 and its two-hundred day simple moving average is $0.34.

Hedge Funds Weigh In On GlycoMimetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in shares of GlycoMimetics by 61.8% during the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock valued at $150,000 after acquiring an additional 204,227 shares during the last quarter. Vanguard Group Inc. raised its stake in GlycoMimetics by 14.0% during 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 in the last quarter. Finally, Renaissance Technologies LLC lifted its position in GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after purchasing an additional 685,151 shares during the last quarter. 75.19% of the stock is 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.