GlycoMimetics (NASDAQ:GLYC) Shares Pass Below 200-Day Moving Average – Here’s What Happened

GlycoMimetics, Inc. (NASDAQ:GLYC) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.27 and traded as low as $0.25. GlycoMimetics shares last traded at $0.25, with a volume of 173,587 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GLYC shares. StockNews.com started coverage on GlycoMimetics in a research note on Saturday. They issued a “sell” rating for the company. Cantor Fitzgerald started coverage on GlycoMimetics in a research note on Friday, March 21st. They issued an “overweight” rating for the company.

GlycoMimetics Price Performance

The stock has a fifty day moving average of $0.24 and a 200 day moving average of $0.27. The firm has a market capitalization of $15.94 million, a P/E ratio of -0.54 and a beta of 1.70.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Wednesday, May 14th. The biotechnology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Equities analysts forecast that GlycoMimetics, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Trading of GlycoMimetics

Several hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. purchased a new position in shares of GlycoMimetics in the fourth quarter valued at $1,268,000. VR Adviser LLC purchased a new position in shares of GlycoMimetics in the fourth quarter valued at $747,000. Wellington Management Group LLP purchased a new position in shares of GlycoMimetics in the fourth quarter valued at $352,000. Jefferies Financial Group Inc. purchased a new position in shares of GlycoMimetics in the fourth quarter valued at $106,000. Finally, ADAR1 Capital Management LLC grew its position in shares of GlycoMimetics by 626.1% in the fourth quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 286,127 shares in the last quarter. 75.19% of the stock is currently owned by institutional investors.

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.