GlycoMimetics Inc (GLYC)

[conix]

GlycoMimetics Inc. (NASDAQ: GLYC) announced Monday that healthy volunteers in a Phase 1 clinical study of GMI-1271 tolerated the drug candidate well, and that the pharmacokinetics for the drug candidate were as predicted based on preclinical data.

The findings represent positive top-line results from a Phase 1 trial designed to evaluate the safety, tolerability and pharmacokinetics of GMI-1271, the GlycoMimetics-discovered novel and proprietary E-selectin antagonist. Based on the data, GlycoMimetics is planning a Phase 1/2 trial of GMI-1271 as an adjunct to standard chemotherapy in patients with acute myeloid leukemia.

The Stifel team thinks the drug and clinical work will be very visible at the American Society of Hematology (ASH) conference to be held next month.

The Stifel price target is $13, and the consensus is higher at $14.67. The shares closed Wednesday at $7.78. Trading to the Stifel target would be a 72% gain.


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