Global Blood Therapeutics (GBT) Received its Third Buy in a Row


After Cantor Fitzgerald and William Blair gave Global Blood Therapeutics (NASDAQ: GBT) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Debjit Chattopadhyay maintained a Buy rating on Global Blood Therapeutics today and set a price target of $125. The company’s shares opened today at $43.50.

Chattopadhyay commented:

“We continue to expect voxelotor in conjunction with HU to become the standard-of-care, especially in younger patients, which could make these patients asymptomatic much like SCD-trait subjects. Our Buy rating and the price target of $125 are based on a DCF analysis, derived using a beta of 1.40, terminal growth rate of 0.5%, risk premium of 4.93%, calculated WACC of 9.9%, and tax rate of 15% beginning in FY 2024. We estimate approximately 70K patients in U.S., 42K patients in the $$60K (increased from $75K and $50K) U.S.”

According to TipRanks.com, Chattopadhyay is a 3-star analyst with an average return of 3.7% and a 47.5% success rate. Chattopadhyay covers the Healthcare sector, focusing on stocks such as Voyager Therapeutics Inc, Mersana Therapeutics Inc, and Jounce Therapeutics Inc.

Global Blood Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $84.56, implying a 94.4% upside from current levels. In a report released today, William Blair also maintained a Buy rating on the stock.

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Based on Global Blood Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $40.37 million. In comparison, last year the company had a GAAP net loss of $23.88 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock.

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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.

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