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 maintained a Buy rating on Global Blood Therapeutics today and set a price target of $74. The company’s shares closed yesterday at $43.65.
Breidenbach said:
“Thursday, GBT reported 2Q earnings and provided a business update. In late June, the company announced highly anticipated interim Phase 3 results for voxelotor, showing the drug can elicit a robust, dose-dependent increase in hemoglobin without triggering an increase in painful vaso-occlusive crises (VOCs) in patients with Sickle Cell Anemia (SCA). These data prompted management to pursue accelerated approval discussions with the FDA. To support its case, management conducted a meta-analysis highlighting the negative clinical consequences associated with hemolytic anemia, which could be mitigated by voxelotor. If the full, ~270 patient HOPE dataset confirms voxelotor’s ability to alleviate anemia without concomitantly increasing pain crises, we believe the company may have a strong case for accelerated approval. Reiterate Outperform, $74 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 10.0% and a 43.5% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Sorrento Therapeutics.
Currently, the analyst consensus on Global Blood Therapeutics is a Strong Buy with an average price target of $85, a 94.7% upside from current levels. In a report issued on July 25, William Blair also assigned a Buy rating to 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 46 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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