Shareholders of Gaithersburg, Maryland-based GlycoMimetics Inc (NASDAQ:GLYC) are already enjoying 42 percent gains after the company went public in January. The stock started off at $8 per share and has climbed to a high of $13.37, achieved only yesterday.
There’s some speculation as to why the stock price jumped 21 percent on February 25th, rumors range from short interest to major news on the way.
GlycoMimetics was listed as a presenter at the Canaccord Genuity Orphan Drug One-on-One Day which occurred on February 24th. Orphan drugs are named as such because they are developed to treat rare diseases. It’s possible that the company announced major progress for its GMI-1070 drug being developed to treat sickle cell disease.
We’ve seen this before where the stock price mysteriously jumps after an event is held.
We could find out what the news is in the next coming months, in the meantime the stock continues to garner a lot of long or buying interest and is on an upward trajectory.
Timonium and Chevy Chase, Maryland-based New Enterprise Associates (NEA) has been a major investor in GlycoMimetics since 2003 and has made bets on companies Careerbuilder, Salesforce.com, Groupon, Vertex Pharmaceuticals and another local bio stock, Bethesda, Maryland-based Supernus Pharmaceuticals.