After Wedbush 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 reiterated a Buy rating on Global Blood Therapeutics yesterday and set a price target of $74. The company’s shares closed on Friday at $40.05.
Breidenbach observed:
“Friday, Global Blood announced updated results from the HOPE-KIDS study, which is evaluating voxelotor in pediatric sickle cell disease (SCD) patients. We believe these data triggered a knee-jerk sell-off based on the diminished hemoglobin (Hb) response rate and total symptom score (TSS) improvement relative to a prior readout at ASH. Of 21 evaluable patients in the EHA dataset, 43% hit the Hb endpoint at 24 weeks, which is in line with the Hb response rate seen in adults. Most (62%) patients showed reductions in TSS from baseline, but considering children with SCD are relatively asymptomatic, we question the relevance of reporting TSS for this cohort. We see weakness following the EHA update as a buying opportunity and reiterate our Outperform rating and $74 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 15.9% and a 47.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Sorrento Therapeutics, and Seres Therapeutics.
Currently, the analyst consensus on Global Blood Therapeutics is Strong Buy and the average price target is $72.13, representing an 80.1% upside.
In a report issued on June 15, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $69 price target.
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The company has a one-year high of $68.05 and a one-year low of $24.03. Currently, Global Blood Therapeutics has an average volume of 743.2K.
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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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