GlycoMimetics, Inc. (NASDAQ:GLYC) Sees Significant Growth in Short Interest

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 1,590,000 shares, a growth of 6.7% from the March 15th total of 1,490,000 shares. Based on an average daily trading volume, of 367,100 shares, the days-to-cover ratio is currently 4.3 days.

Analyst Upgrades and Downgrades

GLYC has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of GlycoMimetics in a research note on Wednesday, March 27th. StockNews.com lowered GlycoMimetics from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Finally, Capital One Financial reiterated an “overweight” rating on shares of GlycoMimetics in a research report on Thursday, February 22nd.

GlycoMimetics Price Performance

Shares of GlycoMimetics stock opened at $2.26 on Tuesday. The stock has a 50-day moving average price of $2.89 and a 200 day moving average price of $2.30. GlycoMimetics has a 1 year low of $1.11 and a 1 year high of $3.53.

Institutional Investors Weigh In On GlycoMimetics

Several hedge funds have recently bought and sold shares of GLYC. Renaissance Technologies LLC lifted its stake in GlycoMimetics by 20.4% in the 2nd quarter. Renaissance Technologies LLC now owns 566,400 shares of the biotechnology company’s stock worth $339,000 after acquiring an additional 95,800 shares in the last quarter. Millennium Management LLC raised its stake in shares of GlycoMimetics by 7.5% during the 2nd quarter. Millennium Management LLC now owns 434,655 shares of the biotechnology company’s stock worth $260,000 after purchasing an additional 30,466 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of GlycoMimetics by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,879,412 shares of the biotechnology company’s stock worth $1,037,000 after purchasing an additional 32,650 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of GlycoMimetics during the 4th quarter worth about $225,000. Finally, Geode Capital Management LLC raised its stake in shares of GlycoMimetics by 13.1% during the 4th quarter. Geode Capital Management LLC now owns 405,335 shares of the biotechnology company’s stock worth $1,228,000 after purchasing an additional 46,940 shares in the last quarter. 75.19% of the stock is owned by hedge funds and other institutional investors.

GlycoMimetics Company Profile

GlycoMimetics, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of glycobiology-based therapies for cancers, including acute myeloid leukemia (AML) and inflammatory diseases with unmet needs in the United States. It is developing uproleselan, an E-selectin antagonist, which is used in combination with chemotherapy to treat AML, as well as in phase 3 trial to treat relapsed/refractory AML.