Market Overview

GlycoMimetics Initiated At Outperform By Cowen And Company

GlycoMimetics Initiated At Outperform By Cowen And Company

Cowen and Company has started the coverage of GlycoMimetics Inc (NASDAQ: GLYC) with an Outperform rating on high confidence of success in the Phase 3 data of Pfizer Inc. (NYSE: PFE)-partnered lead candidate Rivipansel for sickle cell vaso-occlusive crises.

"We also think wholly owned GMI-1271 has generated very promising Ph1/2 data in AML showing chemo potentiation and likely improved response rates to standard of care; followup data from more patients is due 4Q16," analyst Ritu Baral wrote in a note.

Glycomimetics' clinical pipeline is currently focused on a class of cell-adhesion molecules called selectins that are central to bone marrow and blood cell adhesion.

Related Link: GlycoMimetics Reports Dosing Of First Patient In Phase 2 Trial Of GMI-1271 In Newly Diagnosed AML

Baral continued that these molecules are key to interactions between stem and blood cells and vasculature/bone marrow structural tissues. These selectin antagonists prevent interactions by competitive binding, thereby potentially preventing certain disease-related processes.

Rivipansel is currently in a late stage study in Sickle Cell Disease Vaso-Occlusive Crises (SCD VOC) with top-line data due in 2018, and the analyst believes the drug will see almost universal use in SCD crises in the United States with little to no contraindications.

"As such, we model a per treatment course of $10,000 and model relatively rapid uptake with peak sales of $1 billion in 2023 in US and EU. GLYC will receive low double digit royalties from PFE," Baral highlighted.

In addition, the analyst believes the company's other candidate GMI-1271 could become a key adjunct therapy in multiple blood cancers, representing $1.1 billion in potential peak sales in 2024 in adult acute myeloid leukemia (AML) alone.

At the time of writing, shares of GlycoMimetics were up 3.24 percent to $8.28.

Latest Ratings for GLYC

Jul 2020HC Wainwright & Co.MaintainsBuy
Mar 2020H.C. WainwrightReiteratesBuy
Nov 2019Roth CapitalInitiates Coverage OnBuy

View More Analyst Ratings for GLYC
View the Latest Analyst Ratings


Related Articles (PFE + GLYC)

View Comments and Join the Discussion!

Posted-In: Analyst Color Biotech Long Ideas Health Care Initiation Analyst Ratings Trading Ideas General Best of Benzinga

Latest Ratings

UBERRBC CapitalMaintains50.0
WIXJMP SecuritiesMaintains363.0
CVIJP MorganInitiates Coverage On22.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at