GlycoMimetics (NASDAQ:GLYC) Stock Price Crosses Above 50-Day Moving Average – Should You Sell?

GlycoMimetics, Inc. (NASDAQ:GLYC)’s share price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.26 and traded as high as $0.28. GlycoMimetics shares last traded at $0.27, with a volume of 558,909 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on GlycoMimetics in a research note on Wednesday. They set a “sell” rating for the company.

GlycoMimetics Price Performance

The stock’s 50 day moving average is $0.26 and its 200-day moving average is $0.25.

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

Institutional Trading of GlycoMimetics

Several institutional investors have recently added to or reduced their stakes in GLYC. Adage Capital Partners GP L.L.C. purchased a new position in shares of GlycoMimetics in the fourth quarter worth $1,268,000. VR Adviser LLC bought a new stake in GlycoMimetics in the 4th quarter worth about $747,000. Wellington Management Group LLP purchased a new position in GlycoMimetics in the 4th quarter worth about $352,000. Jefferies Financial Group Inc. bought a new position in GlycoMimetics during the 4th quarter valued at about $106,000. Finally, ADAR1 Capital Management LLC boosted its holdings in shares of 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 during the last quarter. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

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.