What does GlycoMimetics Inc’s (NASDAQ:GLYC) abstract data for the American Society for Clinical Oncology (ASCO) bring to the table for acute myeloid leukemia (AML) patients? Shares are rising almost 14% in pre-market trading today following a near 99% rally, as the biotech firm scored a breakthrough drug designation from the agency for positive early Phase I and Phase III trial data for E-selectin antagonist drug GMI-1271.
Ahead of the ASCO poster data presentation at the conference between June 2nd and June 6th, Cowen analyst Ritu Baral cheers the abstracts, pointing to “higher remission rates” coupled with “lower mortality than AML” revealed in early safety data. Moreover, the analyst believes the abstract poster presentation will emphasize not only better safety, but also tolerability, “particularly mucositis.” As such, the analyst reiterates an Outperform rating on shares of GLYC without listing a price target.
Baral underscores, “GLYC ASCO abstract data suggests E-Selectin inhibitor GMI-1271 meaningfully boosts CRi/CR Rates with comboTx in elderly Naïve and R/R AML by ~40% vs 7+3 or MEC SOC alone, while also lowering 30-60 day mortality rates by ~50% vs SOC as well. Intriguingly, E-selectin expression levels, normally correlated with worse outcomes, were associated with high probability of remission in the interim data.”
“Further, preclinical data suggests that due to inhibition of epithelial E-selectin mediated homing of macrophages to damaged GI tissue, treatment with ‘1271 results in lower rates of GI mucositis compared to chemotherapy alone. We strongly suspect that additional breakout of safety data, likely at ASCO, may show this same effect in clinical trial patients. Any potential mucositis protective effect could open up new indications and applications for ‘1271,” surmises the analyst.
According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, five-star analyst Ritu Baral is ranked #342 out of 4,560 analysts. Baral has a 45% success rate and gains 10.2% in her annual returns. However, when recommending GLYC, Baral loses 6.7% in average profits on the stock.
TipRanks analytics indicate GLYC as a Strong Buy. Based on 3 analysts polled by TipRanks, all 3 rate a Buy on GlycoMimetics stock. The 12-month average price target stands at $10.50, marking a just under 2% downside from where the stock is currently trading.