HomeEquities ScoreHere is why GlycoMimetics Inc. (GLYC) stock performed well on Thursday?

Here is why GlycoMimetics Inc. (GLYC) stock performed well on Thursday?

GlycoMimetics Inc. (GLYC) shares soared 2.62% in after-hours on Thursday, September 23, 2021, and closed the daily trading at $2.35. Even in the regular trading session of Thursday, GLYC’s stock gained 3.15%. GLYC shares have fallen 30.92% over the last 12 months, and they have moved up 9.57% in the past week. Over the past three months, the stock has lost 7.66%, while over the past six months, it has declined 26.37%.

Let’s discuss its recent news and developments briefly.


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GLYC Uproleselan data published in BLOOD

On September 23, 2021, GlycoMimetics Inc. (GLYC) announced that efficacy and safety data from a Phase 1/2 clinical study of uproleselan, GlycoMimetics’ lead investigational drug, were published online in the journal BLOOD.

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The results highlighted the MRD negative rate of 69 per cent in trial participants with relapsed/refractory acute myeloid leukemia (AML), indicating an enhanced depth of response following the addition of uproleselan to salvage therapy.

GLYC participation in the recent investor conference

GlycoMimetics, Inc (GLYC) recently participated at H.C. Wainwright & Co 23rd Annual Global Investment Virtual Conference which was held on September 13-15, 2021. The company was presented by the CEO, Harout Semerjian during the conference.

GLYC inducements grants

On August 09, 2021, the Board of Directors of GlycoMimetics, Inc (GLYC) approved the grant of non-qualified stock option awards to purchase an aggregate of 1,647,600 shares of its common stock to Harout Semerjian, the Company’s new President and Chief Executive Officer.

The board provided the option to Mr. Semerjian to purchase 1,098,400 shares of the company’s common stock.

GLYC recent financial results announcement

On August 05, 2021, GlycoMimetics, Inc (GLYC) reported its financial results for the quarter ended June 30, 2021.

Q2 2021 financial highlights

  • GLYC reported Zero revenue in Q2 2021 and Q2 2020.
  • Research and development expenses were $10.2 million in Q2 2021 compared to $9.9 million for the quarter ended June 30, 2020.
  • General and administrative expenses were $4.2 million for the second quarter ended June 30, 2021, and 2020.
  • It suffered a net loss of $14.4 million in Q2 2021 compared to $14.07 million in Q2 2020.
  • Net loss per basic and diluted share was $0.28 in Q2 2021 compared to net loss per basic and diluted share of $0.32 in Q2 2020.

Conclusion

GLYC stock performed well on Thursday after the publication of Uproleselan data in an online journal. It can continue its performance on Friday as well to close the week on a positive note.

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