In a report released today, Elemer Piros from Cantor Fitzgerald maintained a Buy rating on Global Blood Therapeutics (NASDAQ: GBT), with a price target of $96. The company’s shares opened today at $36.60.
Piros observed:
“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 $4.6 billion ($88/share), and our estimate of YE cash of $440 million ($8/share).”
According to TipRanks.com, Piros is a 1-star analyst with an average return of -1.5% and a 46.4% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Bellicum Pharmaceuticals.
Currently, the analyst consensus on Global Blood Therapeutics is a Strong Buy with an average price target of $87.22.
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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 $28.56 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.
