GlycoMimetics initiated with an Overweight at Capital One

Capital One initiated coverage of GlycoMimetics with an Overweight rating and $12 price target. Glycomimetics is up 80% in the past eight weeks, but the firm still believes the stock is “mispriced” and calls it a “top pick” given what the firm sees as a “lopsided risk-reward.” Glycomimetics appears undervalued and the pullback over the last three years has created an opportunity for “an over 20x return” if the Phase 3 AML study readout expected in Q2 of 2024 is successful, the analyst tells investors.