GlycoMimetics (GLYC) Gets a Buy Rating from H.C. Wainwright


H.C. Wainwright analyst Edward White maintained a Buy rating on GlycoMimetics (GLYC) today and set a price target of $23. The company’s shares opened today at $12.82.

White wrote:

“We base our $23 price target on probability-adjusted forecasts for uproleselan in AML as well as rivipansel in SCD VOC. We use the net present value of our revenue forecast through 2027, apply a 60% POS for AML and a 70% POS for SCD 4x price/sales multiple for AML, and estimated 2019 year-end net cash of $3.11 per share, to arrive at our price target. Our P/S multiple of 4x is inline with GlycoMimetics’ peers that range between 2-5x.”

According to TipRanks.com, White is a 5-star analyst with an average return of 14.7% and a 48.4% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Aileron Therapeutics Inc.

Currently, the analyst consensus on GlycoMimetics is a Strong Buy with an average price target of $23, implying a 79.4% upside from current levels. In a report released today, Piper Jaffray also initiated coverage with a Buy rating on the stock.

See today’s analyst top recommended stocks >>

The company has a one-year high of $19.20 and a one-year low of $8.29. Currently, GlycoMimetics has an average volume of 225.7K.

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GlycoMimetics, Inc. operates as a clinical stage biotechnology company, which focuses on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. It develops proprietary glycomimetics that inhibit disease-related functions of carbohydrates.

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