After William Blair and H.C. Wainwright gave Global Blood Therapeutics (NASDAQ: GBT) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mark Breidenbach reiterated a Buy rating on Global Blood Therapeutics today and set a price target of $82. The company’s shares closed yesterday at $53.08.
Breidenbach noted:
“Wednesday, GBT reported 4Q earnings and provided a progress update. With a growing body of clinical data to support registration, we expect GBT to begin a rolling NDA submission this year, putting voxelotor on track for potential commercial launch in mid-2020. With an agreement in hand from the FDA regarding an accelerated approval pathway, we see little remaining regulatory risk for the drug which is still being investigated in the ongoing Phase 3 HOPE trial. We have yet to see results from the final ~120 patients enrolled in the trial, but interim data presented last December showed excellent safety and a dose-dependent improvements in key biomarker endpoints including hemoglobin level, reticulocyte count, indirect bilirubin, and LDH. We reiterate our Outperform rating and $82 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -0.2% and a 41.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Sorrento Therapeutics.
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, implying a 67.9% upside from current levels. 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.
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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.
