Roth Capital Partners initiated coverage of GlycoMimetics (NASDAQ:GLYC) with a “buy” rating and $25 price target. The stock closed at $10.52 on Oct. 23.
“Our bull thesis on GlycoMimetics is driven by the GMI-1271 program (E-selectin inhibitor), which we believe has generated some of the best Phase 2 data in the AML world in the last two years,” writes analyst Jotin Marango.
He said an adjuvant-like and genotype-agnostic agent like GMI-1271 offers a clinically and commercially appealing option: it improves on both the efficacy as well as the tolerability of standard chemo, including anti-tumor and chemo-protective effects.
“While data from the Phase 2 study so far offer a wide clinical footprint within AML (both newly diagnosed and relapsed/refractory patients), we believe that the most de-risking feature is the consistency of the agent’s activity across different segments of the disease,” he added.
With the data as foundation and with a breakthrough designation from the FDA in hand, “we expect GlycoMimetics to advance into one or more pivotal Phase 3 studies in the near term,” Mr. Marango said.
