GlycoMimetics (GLYC) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of GlycoMimetics (NASDAQ:GLYC) from a hold rating to a buy rating in a research note published on Monday morning, Zacks.com reports. The brokerage currently has $13.00 price objective on the biotechnology company’s stock.

According to Zacks, “GlycoMimetics, Inc. is a biotechnology company. The company focused on the discovery and development of novel glycomimetic drugs to address diseases in which carbohydrate biology plays a key role. It product pipeline includes GMI-170, GMI-1271, E-selectin and CXCR4 antagonist, GMI-1051 and GMI-1070 at different clinical phases. GlycoMimetics, Inc. is based in Gaithersburg, United States. “

Other equities analysts have also issued reports about the company. BidaskClub raised GlycoMimetics from a hold rating to a buy rating in a report on Wednesday, April 24th. HC Wainwright reissued a buy rating and issued a $23.00 price objective on shares of GlycoMimetics in a report on Friday, April 12th. Cowen reissued a buy rating on shares of GlycoMimetics in a report on Friday, May 3rd. ValuEngine lowered GlycoMimetics from a buy rating to a hold rating in a report on Monday, February 4th. Finally, Piper Jaffray Companies started coverage on GlycoMimetics in a research note on Friday, April 12th. They set an overweight rating and a $20.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $23.00.

Shares of GLYC stock opened at $12.01 on Monday. GlycoMimetics has a 12-month low of $8.29 and a 12-month high of $18.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 23.88 and a quick ratio of 23.88.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.01. On average, sell-side analysts anticipate that GlycoMimetics will post -1.18 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA bought a new position in GlycoMimetics during the 1st quarter valued at $88,000. Metropolitan Life Insurance Co. NY boosted its stake in GlycoMimetics by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 11,748 shares of the biotechnology company’s stock valued at $111,000 after purchasing an additional 9,175 shares in the last quarter. Jane Street Group LLC bought a new position in GlycoMimetics during the 4th quarter valued at $114,000. JGP Global Gestao de Recursos Ltda. bought a new position in GlycoMimetics during the 1st quarter valued at $126,000. Finally, Two Sigma Investments LP bought a new position in GlycoMimetics during the 4th quarter valued at $152,000.

About GlycoMimetics

GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in the United States. The company's advanced drug candidate, rivipansel, is a pan-selectin antagonist, which is developed for the treatment of vaso-occlusive crisis in sickle cell disease and is in a Phase III clinical trial, conducted by its strategic collaboration with Pfizer Inc It is also developing uproleselan, an E-selectin antagonist that is evaluated in a Phase I/II clinical trial as a potential treatment for acute myeloid leukemia (AML), as well as Phase III trial to treat relapsed/refractory AML.

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