Buying Buzz: GlycoMimetics Inc. [GLYC] 10% Owner Invus Public Equities, L.P. purchases 200,000 shares of the company


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. GlycoMimetics Inc. shares valued at $350,760 were purchased by Invus Public Equities, L.P. on Feb 23. At $1.75 per share, Invus Public Equities, L.P. acquired 200,000 shares. The insider’s holdings grew to 8,489,064 shares worth approximately $12.65 million following the completion of this transaction.

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Also, Invus Public Equities, L.P. purchased 150,000 shares, netting a total of over 268,995 in proceeds. Following the buying of shares at $1.79 each, the insider now holds 8,289,064 shares.

Before that, Invus Public Equities, L.P. had added 50,000 shares to its account. In a trade valued at $92,500, the 10% Owner bought GlycoMimetics Inc. shares for $1.85 each. Upon closing the transaction, the insider’s holdings increased to 50,000 shares, worth approximately $12.13 million.

As published in a research note from Jefferies on November 12, 2021, GlycoMimetics Inc. [GLYC] has been rated up from a Hold to a Buy and the price target has been revised to $4 from $3. This represents a 62.75% premium over Wednesday’s closing price. Analysts at ROTH Capital started covering the stock with ‘”a Buy”‘ outlook in a report released in mid November. As of August 05, 2019, SunTrust has decreased its “Buy” rating to a “Hold” for GLYC. Earlier on August 05, 2019, Piper Jaffray downgraded its rating. Their new recommendation was “a Neutral” for GLYC stock which previously was a “an Overweight”.

Analyzing GLYC Stock Performance

On Wednesday, GlycoMimetics Inc. [NASDAQ: GLYC] plunged -3.87% to $1.49. The stock’s lowest price that day was $1.43, but it reached a high of $1.52 in the same session. During the last five days, there has been a surge of approximately 1.36%. Over the course of the year, GlycoMimetics Inc. shares have dropped approximately -50.83%. Shares of the company reached a 52-week high of $4.1600 on 02/14/23 and a 52-week low of $1.2100 on 03/13/23. A 50-day SMA is recorded $2.4597, while a 200-day SMA reached $1.3814. Nevertheless, trading volume fell to 0.54 million shares from 0.8 million shares the previous day.

Support And Resistance Levels for GlycoMimetics Inc. (GLYC)

According to the 24-hour chart, there is a support level at 1.4400, which, if violated, would cause prices to drop to 1.3900. In the upper region, resistance lies at 1.5300. The next price resistance is at 1.5700. RSI (Relative Strength Index) is 38.85 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0048, which suggests the price will decrease in the coming days. Percent R is at 49.93%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is GlycoMimetics Inc. subject to short interest?

Stocks of GlycoMimetics Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.38 million shares to 0.99 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 0.61 million shares. A jump of 38.24% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 0.91 of the overall float, the days-to-cover ratio (short ratio) jumped to 0.91.

Which companies own the most shares of GlycoMimetics Inc. (GLYC)?

According to BVF Partners LP filings, the company currently owns 9,544,262 shares, which is about 18.21% of the total GLYC shares outstanding. With the completion of the buy transaction, Invus Public Equities Advisors LL’s stake is now worth $13,227,159. The Vanguard Group, Inc. acquire a 21.25% interest valued at $3.48 million while Acadian Asset Management LLC sold a -47,029 stake. A total of 0 shares of GlycoMimetics Inc. were sold by Medical Strategy GmbH during the quarter, and 556,601 were bought by Millennium Management LLC. In its current portfolio, BlackRock Fund Advisors holds 735,634 shares valued at $1.13 million.

In terms of GlycoMimetics Inc. share price expectations, FactSet research, analysts set an average price target of $5.50 in the next 12 months, up nearly 254.84% from the previous closing price of $1.55. Analysts anticipate GlycoMimetics Inc. stock to reach $8.00 by 2023, with the lowest price target being $3.00. In spite of this, 3 analysts ranked GlycoMimetics Inc. stock as a Buy at the end of 2023.


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