After Piper Jaffray and H.C. Wainwright gave GlycoMimetics (NASDAQ: GLYC) a Buy rating last month, the company received another Buy, this time from Roth Capital. Analyst Jotin Marango maintained a Buy rating on GlycoMimetics today and set a price target of $35. The company’s shares opened today at $11.93.
Marango observed:
“We continue to believe that the meat of GlycoMimetics’ value is the broad AML program, with pivotal data around end-2020/early-2021. Meanwhile, we regard the Pfizer-partnered sickle cell program conservatively (from a commercial value standpoint), as its pivotal readout approaches within 3Q19. In between, we are encouraged by the timely advance of a new program in breast cancer, which sustains clinical momentum in the next year (while the AML program cooks) while building independent lateral value in the pipeline. What’s new? In yesterday’s 1Q update call management highlighted GMI-1359, emerging from the E-selectin pipeline and headed into a proof- of-concept study in 2H19. Overall, we like all tidbits around the mechanistic rationale, clinical positioning, and development strategy, and plan to keep an eye on this program.”
According to TipRanks.com, Marango has currently no stars on a ranking scale of 0-5 stars, with an average return of -6.1% and a 39.5% success rate. Marango covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals Inc, Syros Pharmaceuticals, and Aimmune Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for GlycoMimetics with a $21.50 average price target, which is an 80.2% upside from current levels. In a report issued on April 23, H.C. Wainwright also maintained a Buy rating on the stock with a $23 price target.
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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 209.1K.
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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.
