After Cantor Fitzgerald 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 maintained a Buy rating on Global Blood Therapeutics today and set a price target of $74. The company’s shares closed yesterday at $42.55.
Breidenbach commented:
“Thursday, we attended the 7th annual NYC, featuring testimony from KOLs and patient advocates describing gaps in the current treatment landscape for sickle cell anemia (SCA). Much of the discussion focused on the inadequacy of currently available therapies and insufficient access to medical care, leaving patients with sustained risk of debilitating pain, fatigue, organ damage, and substantially shortened life expectancy. Reflecting an evolution in the hematology community’s understanding of the disease, the FDA and the Hematology (ASH) are hosting a public workshop next month aimed at reforming registrational endpoints for SCA clinical trials. We believe the outcome of this workshop could greatly improve voxelotor’s chances for accelerated approval. Reiterate Outperform, $74 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 9.4% and a 41.9% 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 $84.56 average price target, representing a 98.7% upside. In a report released yesterday, William Blair also maintained a Buy rating on the stock.
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The company has a one-year high of $68.05 and a one-year low of $26.50. Currently, Global Blood Therapeutics has an average volume of 1.31M.
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.
