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

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a large drop in short interest in September. As of September 15th, there was short interest totalling 1,820,000 shares, a drop of 5.7% from the August 31st total of 1,930,000 shares. Based on an average trading volume of 3,640,000 shares, the days-to-cover ratio is presently 0.5 days.

GlycoMimetics Stock Performance

Shares of GlycoMimetics stock opened at $0.17 on Wednesday. The stock has a market capitalization of $10.69 million, a P/E ratio of -0.29 and a beta of 2.07. GlycoMimetics has a 52-week low of $0.16 and a 52-week high of $3.53. The stock’s 50-day simple moving average is $0.18 and its 200 day simple moving average is $0.79.

Insider Activity at GlycoMimetics

In related news, major shareholder Public Equities L.P. Invus sold 258,335 shares of GlycoMimetics stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $0.24, for a total transaction of $62,000.40. Following the transaction, the insider now owns 8,330,729 shares of the company’s stock, valued at $1,999,374.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 911,859 shares of company stock valued at $205,659. 8.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GlycoMimetics

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in GlycoMimetics by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 2,761,981 shares of the biotechnology company’s stock worth $8,286,000 after purchasing an additional 340,112 shares during the period. Acadian Asset Management LLC lifted its stake 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 purchasing an additional 204,227 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings 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 in the last quarter. 75.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLYC. TD Cowen lowered shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. StockNews.com started coverage on GlycoMimetics in a research report on Friday, September 27th. They set a “sell” rating for the company. Finally, HC Wainwright reissued a “neutral” rating on shares of GlycoMimetics in a report on Tuesday, June 4th.

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.