GlycoMimetics Falls 50% After Disappointing Results For Sickle Cell Drug Trial

GlycoMimetics (NASDAQ:GLYC) announced late Friday afternoon that Pfizer's (NYSE:PFE) Phase 3 clinical trial evaluating Rivipansel in sickle cell disease has not met its primary or key secondary endpoints.

On Monday morning, a number of firms have downgraded the stock:

• Jefferies downgraded the stock from Buy to Hold.
• SunTrust Robinson Humphrey downgraded from Buy to Hold and lowered the price target from $23 to $5.
• Piper Jaffray downgraded from Overweight to Neutral and lowered the price target from $20 to $6.

GlycoMimetics shares were trading down 51.81% at $4.40 in Monday’s pre-market session. The stock has a 52-week high of $17.07 and a 52-week low of $8.29.

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