Short Interest in GlycoMimetics, Inc. (NASDAQ:GLYC) Decreases By 16.5%

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,930,000 shares, a decrease of 16.5% from the August 15th total of 2,310,000 shares. Based on an average daily volume of 3,660,000 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLYC. HC Wainwright restated a “neutral” rating on shares of GlycoMimetics in a research note on Tuesday, June 4th. StockNews.com began coverage on shares of GlycoMimetics in a report on Wednesday, September 11th. They issued a “sell” rating on the stock. Finally, TD Cowen cut shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research note on Friday, July 26th.

GlycoMimetics Price Performance

Shares of NASDAQ:GLYC remained flat at $0.16 during midday trading on Wednesday. 1,813,263 shares of the stock traded hands, compared to its average volume of 2,034,750. The stock has a market cap of $10.57 million, a P/E ratio of -0.28 and a beta of 2.07. GlycoMimetics has a 1-year low of $0.16 and a 1-year high of $3.53. The company’s 50-day moving average price is $0.21 and its 200 day moving average price is $0.95.

Insider Transactions at GlycoMimetics

In other news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $0.19, for a total value of $31,259.37. Following the completion of the transaction, the insider now owns 6,695,658 shares of the company’s stock, valued at $1,272,175.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $0.19, for a total transaction of $31,259.37. Following the completion of the transaction, the insider now directly owns 6,695,658 shares of the company’s stock, valued at $1,272,175.02. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Edwin Rock bought 190,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average price of $0.25 per share, with a total value of $47,500.00. Following the purchase, the insider now owns 565,403 shares of the company’s stock, valued at approximately $141,350.75. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 911,859 shares of company stock worth $205,659. 8.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GlycoMimetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its holdings in GlycoMimetics by 61.8% during the second quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after buying an additional 204,227 shares in the last quarter. Vanguard Group Inc. increased its position in shares of 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 buying an additional 340,112 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of GlycoMimetics by 483.5% in the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock valued at $233,000 after buying an additional 685,151 shares in the last quarter. Institutional investors and hedge funds own 75.19% of the company’s stock.

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.