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).
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