GlycoMimetics Inc. (GLYC) shares remained unchanged in after-hours on Friday, June 18, 2021, and close the week at $2.33 per share. earlier in the morning session of Friday, GLYC’s stock lost 4.51% to close Friday’s morning session at $2.33 per share. GLYC shares have fallen 22.85% over the last 12 months, and they have moved down 15.27% in the past week. Over the past three months, the stock has lost 32.46%, while over the past six months, it has plummeted 34.18%.
Let’s see is there any recent news or development about GLYC?
Participation in the health conference
GlycoMimetics, Inc recently participated at the Jefferies 2021 Virtual Healthcare Conference, which held on June 3, 2021. The company’s overview was presented by Chief Executive Officer Rachel King in a virtual presentation format.
Phase 2 Clinical trial of Uproleselan
On May 26, 2021, GlycoMimetics, Inc announced that clinicians at Washington University School of Medicine in St. Louis have dosed the first patient in an investigator-sponsored trial (IST) assessinguproleselan as a prophylactic agent to reduce gastrointestinal (GI) toxicities associated with high-dose melphalan in autologous hematopoietic cell transplantation (auto-HCT) for multiple myeloma (MM).
Recent financial results announcement
On May 3, 2021, GlycoMimetics reported its financial results for the quarter ended March 31, 2021.
Q1 2021 financial highlights
- GlycoMimetics reported revenue of $1.055 million for Q1 2021 compared to $9.0 million in Q1 2020
- Total costs and expenses were $15.34 million for Q1 2021 compared to $17.10 million for Q1 2020.
- The company suffered an operating loss of $14.28 million in Q1 2021 compared with $8.1 million in Q1 2020.
- Net loss and comprehensive loss was $14.27 million or $0.28 net loss per common share, basic and diluted for Q1 2021 compared with $7.66 million or $0.18 net loss per common share, basic and diluted in Q1 2020.
- As of March 31, 2021, GlycoMimeticshad cash and cash equivalents of $132.5 million.
Presentation of Positive Therapeutic Effects of GMI-1757
GlycoMimetics, Inc did a poster presentation of an abstract at the American Association of Cancer Research (AACR) 2021 Annual Meeting, which held virtually on April 10-15 and May 17-21
The poster presentation showed the results of a recent preclinical study on the therapeutic effects of GMI-1757.
The study showed that GMI-1757 significantly improved anti-PD-L1 therapeutic activity in a pancreatic adenocarcinoma model. Results showed 50% partial regressions and an approximate 99% reduction of median tumour volume.
Conclusion
Well, as of this writing there is no recent news or development which could justify its poor performance on Friday. we hope that GLYC will commence the new week trading with positive momentum.
