Roth resumes coverage of GlycoMimetics at buy; PT $12

Roth Capital Partners resumed coverage of GlycoMimetics (NASDAQ:GLYC) with a “buy” rating and price target of $12. The stock closed at $6.26 on Nov. 13.

Analyst Zegbeh Jallah writes that following an August announcement that GMI-1070 did not meet its Phase 3 primary endpoint as a treatment of for sickle cell disease patients hospitalized with painful vaso-occlusive crises, the stock slid some 60%.

“With volatility from that out of the stock and a remaining robust pipeline, we believe now is an excellent time for investors to reconsider shares of GlycoMimetics,” she added. “We are bullish on GlycoMimetics’ 2020 outlook, and we expect updates at ASH in December will build momentum.”

Among other things, Ms. Jallah said top-line Phase 3 data for GMI-1271 in relapsed/refractory AML are expected during the fourth quarter of 2020. “Currently, the GMI-1271 opportunity accounts for $8 of our $12 price target,” she added.

The company also plans to initiate a clinical trial of GMI-1359 in breast cancer patients whose tumors have spread to bone, with an interim data readout in 2020.


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