Short Interest in GlycoMimetics, Inc. (NASDAQ:GLYC) Drops By 5.7%

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a significant 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 daily trading volume, of 3,640,000 shares, the days-to-cover ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GLYC. TD Cowen downgraded shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. HC Wainwright reiterated a “neutral” rating on shares of GlycoMimetics in a report on Tuesday, June 4th. Finally, StockNews.com started coverage on shares of GlycoMimetics in a research report on Friday. They issued a “sell” rating on the stock.

Insider Activity at GlycoMimetics

In other news, major shareholder Public Equities L.P. Invus sold 363,949 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $0.24, for a total transaction of $87,347.76. Following the transaction, the insider now directly owns 7,966,780 shares of the company’s stock, valued at $1,912,027.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 911,859 shares of company stock valued at $205,659. 8.70% of the stock is owned by corporate insiders.

Institutional Trading of GlycoMimetics

Several institutional investors and hedge funds have recently made changes to their positions in GLYC. Renaissance Technologies LLC grew its holdings in shares of GlycoMimetics by 483.5% during the second quarter. Renaissance Technologies LLC now owns 826,851 shares of the biotechnology company’s stock worth $233,000 after buying an additional 685,151 shares in the last quarter. Vanguard Group Inc. grew its stake 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 worth $8,286,000 after acquiring an additional 340,112 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of GlycoMimetics by 61.8% in the second 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 in the last quarter. 75.19% of the stock is currently owned by institutional investors.

GlycoMimetics Stock Down 0.7 %

Shares of NASDAQ GLYC traded down $0.00 during midday trading on Monday, hitting $0.17. The stock had a trading volume of 402,949 shares, compared to its average volume of 1,969,094. GlycoMimetics has a 52 week low of $0.16 and a 52 week high of $3.53. The company has a market cap of $10.69 million, a P/E ratio of -0.28 and a beta of 2.07. The business’s 50 day moving average is $0.19 and its 200-day moving average is $0.80.

GlycoMimetics Company Profile

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.