Glycomimetc (NASDAQ:GLYC)
GlycoMimetics, Inc. (GLYC), a national clinical stage biotechnology company yesterday announced that they received FDA Breakthrough Therapy Designations for treatment of adult relapsed/refractory acute myeloid leukemia (AML) of the company’s drug candidate GMI-1271.
During a Phase 2 study the drug GMI-1271 achieved better than expected mortality rates in patients with relapsed/refractory AML as well as newly diagnosed patients.
GlycoMimetics, Inc. CMO’s Comments
“The FDA’s granting to GMI-1271 of Breakthrough Therapy designation will further help GlycoMimetics to accelerate the development of GMI-1271 as a treatment for this very difficult-to-treat patient population,” said Helen Thackray, MD, Chief Medical Officer of GlycoMimetics. “We believe GMI-1271 when combined with chemotherapy has the potential to address an unmet therapeutic need for individuals living with AML. We are encouraged by our clinical results to date, and look forward to working closely with the FDA to bring this novel therapy to patients as quickly as possible.” Business Wire
GLYC Technical Analysis
GlycoMimetics Chart
GLYC opened trading yesterday at $5.38 which was up from the previous day’s trading close of $5.37. GLYC closed trading yesterday at $5.37 and spiked up after market to $7.52, equivalent to a 40% increase from the closing price. Taking a look at the daily chart we can see the last time GLYC traded above these levels we have to go back to September 20th, 2016 when it traded at highs of $7.58.
Taking a closer look at the daily chart we can see that before the spike up GLYC had already been in an overall downward trend dating back to August 1st, 2016 when it traded at $8.84. GLYC has a float of 12.22 million shares and traded 1.77 times the normal daily trading volume on Wednesday.
For trading purposes, I would like to see GLYC open trading on Thursday above $6.80 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
GlycoMimetics, Inc., a clinical stage biotechnology company, focuses on the discovery and development of glycomimetic drugs to address unmet medical needs resulting from diseases in the United States.
The company is developing its lead product candidates include rivipansel, a pan-selectin antagonist, which is in Phase III clinical trials for the treatment of vaso-occlusive crisis, a debilitating and painful condition that occurs periodically throughout the life of a person with sickle cell disease; and GMI-1271, an E-selectin antagonist to treat acute myeloid leukemia and other hematologic cancers. It is also developing GMI-1359, a drug candidate targeting E-selectin and CXCR4; and galectin-3 and galectin-9 inhibitors.
The company has a collaborative research and development agreement with Pfizer Inc. (NYSE:PFE) GlycoMimetics, Inc. was founded in 2003 and is headquartered in Rockville, Maryland.