UPDATE: Barclays Initiates Coverage on GlycoMimetics

In a report published Tuesday morning, Barclays analyst Ying Huang initiated coverage on GlycoMimetics (NASDAQ: GLYC). Barclays kick off the GLYC coverage with an Overweight rating and price target of $15.

The report highlights the company's progress "Currently GlycoMimetics has one partnered asset (GMI-1070) set to begin Phase III testing in sickle cell disease (SCD) by mid-year and a proprietary compound (GMI-1271) it hopes to enter clinical testing soon. These agents block a class of molecules on epithelial cells termed selectins, which are involved in cell mobility and adhesion. GlycoMimetics also has an early-stage pipeline of several pre-clinical compounds which it hopes to develop across a variety of diseases."

GLYC closed Monday at $10.01 and opened Tuesday morning at $10.22.