$GLYC Releases Trial Data For Cancer Treatment On The 10th
Fundamental Analysis:
GlycoMimetics, Inc. is a clinical-stage biotechnology company that focuses on developing glycomimetics that inhibit disease-related functions of carbohydrates. They are currently developing a treatment for hormone receptor-positive metastatic breast cancer. The drug, GMI-1359, has undergone phase one safety trials, and the data from these trials will be presented at AACR on April 10, 2021.
Technical Analysis
$GLYC is in a heavy buy zone and is forming the bullish double bottom pattern. In addition to that, the MACD has just crossed.
My Outlook
I am anticipating a steady rise this week as buyers trickle in anticipation of this data release. The share price could easily be $3.70 by Friday as we bounce from this. Since this is a phase one data release, it would be possible to play the post-release here as well. Because the drug is a cancer treatment, if the data is good, people will get extremely excited. With a market cap of $163M, there is no telling how high the price could soar after the release. Good Luck!
If you like bio ideas like this, follow @CobraTrader13. He posts a biotech watchlist every week, with plenty of FDA hype plays like this one.
GlycoMimetics, Inc. is a clinical-stage biotechnology company that focuses on developing glycomimetics that inhibit disease-related functions of carbohydrates. They are currently developing a treatment for hormone receptor-positive metastatic breast cancer. The drug, GMI-1359, has undergone phase one safety trials, and the data from these trials will be presented at AACR on April 10, 2021.
Technical Analysis
$GLYC is in a heavy buy zone and is forming the bullish double bottom pattern. In addition to that, the MACD has just crossed.
My Outlook
I am anticipating a steady rise this week as buyers trickle in anticipation of this data release. The share price could easily be $3.70 by Friday as we bounce from this. Since this is a phase one data release, it would be possible to play the post-release here as well. Because the drug is a cancer treatment, if the data is good, people will get extremely excited. With a market cap of $163M, there is no telling how high the price could soar after the release. Good Luck!
If you like bio ideas like this, follow @CobraTrader13. He posts a biotech watchlist every week, with plenty of FDA hype plays like this one.
