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


After H.C. Wainwright and William Blair gave Global Blood Therapeutics (NASDAQ: GBT) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Elemer Piros reiterated a Buy rating on Global Blood Therapeutics today and set a price target of $96. The company’s shares closed on Friday at $31.54, close to its 52-week low of $30.15.

Piros 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 ~$5.1 billion ($87/share), and our estimate of YE cash of $519 million ($9/share).”

According to TipRanks.com, Piros ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -9.9% and a 36.7% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and Strongbridge Biopharma Plc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Global Blood Therapeutics with a $87.75 average price target, a 178.2% upside from current levels. In a report issued on November 19, Wedbush also reiterated a Buy rating on the stock with a $73 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 $28.56 million.

Based on the recent corporate insider activity of 48 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.