GlycoMimetics (NASDAQ:GLYC) Share Price Crosses Below 200-Day Moving Average – Should You Sell?

Shares of GlycoMimetics, Inc. (NASDAQ:GLYC) passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.25 and traded as low as $0.25. GlycoMimetics shares last traded at $0.26, with a volume of 237,630 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of GlycoMimetics in a research note on Friday. They set a “sell” rating on the stock.

GlycoMimetics Price Performance

The firm’s 50-day simple moving average is $0.27 and its 200 day simple moving average is $0.25.

GlycoMimetics (NASDAQ:GLYC) last issued its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. On average, equities analysts anticipate that GlycoMimetics, Inc. will post -0.08 EPS for the current year.

Hedge Funds Weigh In On GlycoMimetics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. purchased a new position in GlycoMimetics during the 4th quarter valued at about $1,268,000. VR Adviser LLC purchased a new position in GlycoMimetics during the 4th quarter valued at about $747,000. Wellington Management Group LLP purchased a new position in GlycoMimetics during the 4th quarter valued at about $352,000. Jefferies Financial Group Inc. purchased a new position in GlycoMimetics during the 4th quarter valued at about $106,000. Finally, ADAR1 Capital Management LLC grew its stake in GlycoMimetics by 626.1% during the 4th quarter. ADAR1 Capital Management LLC now owns 331,827 shares of the biotechnology company’s stock valued at $83,000 after acquiring an additional 286,127 shares in the last quarter. Hedge funds and other institutional investors own 75.19% of the company’s stock.

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.