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

GlycoMimetics, Inc. (NASDAQ:GLYC) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 1,830,000 shares, an increase of 11.6% from the September 30th total of 1,640,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the short-interest ratio is currently 1.6 days.

GlycoMimetics Price Performance

Shares of GLYC stock traded down $0.05 during mid-day trading on Thursday, hitting $0.41. The stock had a trading volume of 13,575,285 shares, compared to its average volume of 7,440,559. GlycoMimetics has a fifty-two week low of $0.14 and a fifty-two week high of $3.53. The company’s 50-day simple moving average is $0.18 and its 200-day simple moving average is $0.40. The firm has a market cap of $26.23 million, a PE ratio of -0.79 and a beta of 2.06.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLYC. TD Cowen lowered shares of GlycoMimetics from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. StockNews.com began coverage on GlycoMimetics in a research note on Tuesday. They set a “sell” rating for the company.

Insider Activity

In other news, major shareholder Public Equities L.P. Invus sold 164,523 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $0.19, for a total value of $31,259.37. Following the completion of the sale, the insider now directly owns 6,695,658 shares of the company’s stock, valued at approximately $1,272,175.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.70% of the company’s stock.

Institutional Trading of GlycoMimetics

Hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC boosted its position in shares of GlycoMimetics by 61.8% during the 2nd quarter. Acadian Asset Management LLC now owns 534,753 shares of the biotechnology company’s stock worth $150,000 after purchasing an additional 204,227 shares in the last quarter. Vanguard Group Inc. lifted 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 valued at $8,286,000 after purchasing an additional 340,112 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in 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. 75.19% of the stock is owned by institutional investors and hedge funds.

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.