Global Blood Therapeutics (NASDAQ:GBT) Receives Buy Rating from Cantor Fitzgerald

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Global Blood Therapeutics (NASDAQ:GBT)‘s stock had its “buy” rating reaffirmed by equities researchers at Cantor Fitzgerald in a note issued to investors on Wednesday, October 17th. They presently have a $96.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 140.66% from the stock’s previous close.

The analysts wrote, “Based on the existing clinical data, we believe voxelotor offers a compelling treatment option in SCD that lacks disease-modifying therapies. $96 price target is based on the combination of our estimate of the NPV of future cash flows from voxelotor in SCD, worth approximately $4.6 billion ($88/share), and our estimate of YE cash of $440 million ($8/share).””

A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Global Blood Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. BidaskClub downgraded shares of Global Blood Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 3rd. ValuEngine downgraded shares of Global Blood Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 2nd. HC Wainwright set a $125.00 price objective on shares of Global Blood Therapeutics and gave the stock a “buy” rating in a research note on Thursday, September 13th. Finally, Cowen reiterated a “buy” rating and set a $83.00 price objective on shares of Global Blood Therapeutics in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $80.20.

GBT traded down $0.90 during midday trading on Wednesday, reaching $39.89. 714,032 shares of the company’s stock were exchanged, compared to its average volume of 1,245,308. The stock has a market cap of $2.18 billion, a P/E ratio of -14.45 and a beta of 3.70. Global Blood Therapeutics has a 1-year low of $31.50 and a 1-year high of $68.05.

Global Blood Therapeutics (NASDAQ:GBT) last issued its quarterly earnings results on Tuesday, November 6th. The company reported ($0.83) EPS for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.02. During the same quarter in the previous year, the company earned ($0.66) EPS. Research analysts predict that Global Blood Therapeutics will post -3.39 earnings per share for the current fiscal year.

In other Global Blood Therapeutics news, insider Lesley Ann Calhoun sold 2,004 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $49.89, for a total value of $99,979.56. Following the completion of the sale, the insider now directly owns 1,342 shares of the company’s stock, valued at approximately $66,952.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System lifted its position in shares of Global Blood Therapeutics by 1.9% in the first quarter. California State Teachers Retirement System now owns 59,314 shares of the company’s stock worth $2,865,000 after purchasing an additional 1,115 shares in the last quarter. First Allied Advisory Services Inc. lifted its position in shares of Global Blood Therapeutics by 21.4% in the second quarter. First Allied Advisory Services Inc. now owns 7,950 shares of the company’s stock worth $359,000 after purchasing an additional 1,400 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Global Blood Therapeutics by 42.0% in the second quarter. Great West Life Assurance Co. Can now owns 4,969 shares of the company’s stock worth $224,000 after purchasing an additional 1,469 shares in the last quarter. Sei Investments Co. lifted its position in shares of Global Blood Therapeutics by 12.1% in the second quarter. Sei Investments Co. now owns 13,850 shares of the company’s stock worth $626,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Global Blood Therapeutics by 29.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 6,855 shares of the company’s stock worth $260,000 after purchasing an additional 1,555 shares in the last quarter. 99.01% of the stock is owned by institutional investors.

About Global Blood Therapeutics

Global Blood Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities. It is developing its lead product candidate, voxelotor, an oral, once-daily therapy for sickle cell disease (SCD). The company is evaluating voxelotor in SCD in a Phase III clinical trial in adult and adolescent patients with SCD.

Further Reading: Institutional Investors

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

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