Global Blood Therapeutics (GBT) Price Target Increased to $96.00 by Analysts at Cantor Fitzgerald

Global Blood Therapeutics (NASDAQ:GBT) had its price objective lifted by Cantor Fitzgerald from $69.00 to $96.00 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

“: We are reiterating our Overweight rating and raising our 12- month price target to $96 from $69, following release of Part A data in sickle cell disease (SCD). We believe the demonstrated clinical benefit of at least 1g/dL improvement in hemoglobin in 58% of 1500mg voxelotor-treated patients, compared with 9% of placebo patients (p<0.0001), provides further support of the treatment's potential for approval. Further results from the study will be presented at a medical meeting later this year, along with an update on regulatory discussions with the FDA to seek accelerated approval. GBT shares are down 12% in pre- market trading.",” Cantor Fitzgerald’s analyst commented.

GBT has been the subject of a number of other reports. Zacks Investment Research lowered Global Blood Therapeutics from a hold rating to a sell rating in a research report on Tuesday, March 6th. Needham & Company LLC reissued a buy rating and issued a $70.00 price target on shares of Global Blood Therapeutics in a research report on Thursday, April 26th. SunTrust Banks set a $80.00 price target on Global Blood Therapeutics and gave the stock a buy rating in a research report on Thursday, March 1st. Wedbush reissued an outperform rating and issued a $73.00 price target on shares of Global Blood Therapeutics in a research report on Wednesday, March 14th. Finally, BidaskClub lowered Global Blood Therapeutics from a buy rating to a hold rating in a research report on Saturday, March 10th. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $72.64.

Shares of Global Blood Therapeutics opened at $45.70 on Wednesday, according to MarketBeat Ratings. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of -16.21 and a beta of 4.40. Global Blood Therapeutics has a twelve month low of $24.02 and a twelve month high of $68.05.

Global Blood Therapeutics (NASDAQ:GBT) last issued its earnings results on Monday, May 7th. The company reported ($0.87) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.91) by $0.04. During the same period in the prior year, the business earned ($0.60) EPS. equities research analysts predict that Global Blood Therapeutics will post -3.62 earnings per share for the current year.

In other news, insider Jung Choi sold 3,000 shares of the business’s stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $48.25, for a total value of $144,750.00. Following the completion of the transaction, the insider now directly owns 136,077 shares of the company’s stock, valued at approximately $6,565,715.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in GBT. Perceptive Advisors LLC grew its stake in Global Blood Therapeutics by 14.7% during the 4th quarter. Perceptive Advisors LLC now owns 4,889,066 shares of the company’s stock valued at $192,384,000 after purchasing an additional 625,000 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Global Blood Therapeutics during the 1st quarter valued at about $30,023,000. RTW Investments LP grew its stake in Global Blood Therapeutics by 2,186.9% during the 4th quarter. RTW Investments LP now owns 601,683 shares of the company’s stock valued at $23,676,000 after purchasing an additional 575,373 shares during the last quarter. Millennium Management LLC grew its stake in Global Blood Therapeutics by 4,463.4% during the 4th quarter. Millennium Management LLC now owns 479,838 shares of the company’s stock valued at $18,882,000 after purchasing an additional 469,323 shares during the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in Global Blood Therapeutics during the 4th quarter valued at about $13,379,000. Hedge funds and other institutional investors own 95.54% of the company’s stock.

About Global Blood Therapeutics

Global Blood Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel therapeutics to treat grievous blood-based disorders. Its lead product candidate is voxelotor, an oral once-daily therapy that modulates hemoglobin's affinity for oxygen, which is in Phase III clinical trials in adult and adolescent patients with sickle cell disease (SCD).

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

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