After H.C. Wainwright and Wedbush gave Global Blood Therapeutics (NASDAQ: GBT) a Buy rating last month, the company received another Buy, this time from William Blair. Analyst Raju Prasad maintained a Buy rating on Global Blood Therapeutics yesterday. The company’s shares closed yesterday at $53.08.
Prasad commented:
“We anticipate the next catalyst for the company , in the second quarter , to be the top-line results from the second part of the HOPE study in the additional 117 patients treated for six months, followed by a presentation of the data at a medical meeting (likely at EHA in June). Overall, we continue to view 2019 as a year of clinical and regulatory execution for the company and anticipate the update from the HOPE study to verify voxelotor’s efficacy and safety profile ahead of the completion of its rolling NDA filing.”
According to TipRanks.com, Prasad is a 5-star analyst with an average return of 21.2% and a 56.5% success rate. Prasad covers the Healthcare sector, focusing on stocks such as Logicbio Therapeutics Inc, Audentes Therapeutics, and Krystal Biotech Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Global Blood Therapeutics with a $89.11 average price target, representing a 67.9% upside. In a report issued on February 22, Guggenheim also initiated coverage with a Buy rating on the stock with a $75 price target.
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Based on Global Blood Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $43.07 million. In comparison, last year the company had a GAAP net loss of $41.25 million.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GBT in relation to earlier this year.
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Global Blood Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders. It also provides oral medicines for sickle cell diseases.
