GlycoMimetics (NASDAQ: GLYC) stock jumped during intraday trading Tuesday after top executives bought thousands of shares in the company.
Edwin Rock, Chief Medical Officer of GlycoMimetics, disclosed the purchase of 305,000 company shares in a Form 4 filed on Tuesday. Rock acquired the shares at an average price of 26 cents each. This move underscored his confidence in the biotech company’s growth prospects.
Brian M. Hahn, the Chief Financial Officer (CFO) and Senior Vice President of Finance at GlycoMimetics, made a similar move shortly before this insider buy. According to the latest filings, Hahn purchased 17,500 shares of common stock last week at prices ranging from $0.2453 to $0.2478, with a weighted average purchase price of $0.2477 per share. This transaction represents an investment of over $4,300 and increases Hahn’s total holdings in the company to 70,643 shares.
Investors and market observers closely monitor insider transactions as they often indicate management’s confidence in the company’s performance and financial health. While the recent purchases provide insights into the executives’ positive outlook on GlycoMimetics, investors typically consider multiple factors when making investment decisions.
As of the time of this report, GlycoMimetics Inc. has not issued any official statement regarding the recent stock purchases by its CMO and CFO.
GlycoMimetics (NASDAQ: GLYC) Stock Reaction
On Tuesday, GLYC stock surged 25.28%, closing at $0.3340, marking a 40.63% increase for the week. The trading volume was 121,550,480 shares, significantly higher than the average daily volume of 4.14 million.
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