Glycomimetics (GLYC) PT Trimmed at Jefferies; 'Buy' Maintained as Sickle Cell to Start Mid-Year

Jefferies analyst Biren Amin lowered his price target on Glycomimetics (NASDAQ: GLYC) price target of $14.00 (from $18.00) following Q1 results and news the Phase 3 sickle cell trial of should start in mid-2015. The firm maintained a Buy rating.

Amin commented, "With in-line Q1, GLYC reported that its partner Pfizer will initiate the PIII evaluating rivipansel for the treatment of vaso-occlusive crisis in sickle disease in mid-2015. GLYC reported that it will also initiate the enrollment for GMI-1271 PIb/II study in acute myeloid leukemia in Q2'15. Taking into account the delay in Rivipansel PIII trial, increased SG&A expenses and increased share count we decrease our PT to $14."

The firm adjusted FY 2015 EPS from ($0.58) to ($0.40) and FY 2016 EPS from ($0.02) to ($1.62).

For an analyst ratings summary and ratings history on Glycomimetics click here. For more ratings news on Glycomimetics click here.

Shares of Glycomimetics closed at $8.49 yesterday.

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