GlycoMimetics (GLYC) Received its Third Buy in a Row


After Piper Jaffray and Cowen & Co. gave GlycoMimetics (NASDAQ: GLYC) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Edward White maintained a Buy rating on GlycoMimetics today and set a price target of $23. The company’s shares opened today at $12.15.

White said:

“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 $3.21 per share, to arrive at our price target. Our P/S multiple of 4x is in-line with GlycoMimetics’ peers that range between 2-5x.”

According to TipRanks.com, White is a 5-star analyst with an average return of 14.2% and a 49.7% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Aileron Therapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for GlycoMimetics with a $26 average price target, representing an 114.0% upside. In a report issued on May 2, Cowen & Co. also maintained a Buy rating on the stock.

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Based on GlycoMimetics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $14.08 million. In comparison, last year the company had a GAAP net loss of $11.51 million.

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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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