GlycoMimetics (NASDAQ:GLYC) Now Covered by Analysts at StockNews.com

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

GlycoMimetics Price Performance

Shares of GLYC opened at $0.26 on Tuesday. The firm has a fifty day moving average price of $0.30 and a 200-day moving average price of $0.24. GlycoMimetics has a 12-month low of $0.14 and a 12-month high of $3.53.

Hedge Funds Weigh In On GlycoMimetics

An institutional investor recently raised its position in GlycoMimetics stock. Renaissance Technologies LLC raised its position in shares of GlycoMimetics, Inc. (NASDAQ:GLYC) by 483.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 826,851 shares of the biotechnology company’s stock after purchasing an additional 685,151 shares during the period. Renaissance Technologies LLC owned about 1.28% of GlycoMimetics worth $233,000 as of its most recent filing with the Securities & Exchange Commission. 75.19% of the stock is currently owned by hedge funds and other 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.