In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Global Blood Therapeutics (NASDAQ: GBT), with a price target of $96. The company’s shares closed yesterday at $38.70.
Piros wrote:
“: We are reiterating our Overweight rating and raising our 12- month price target to $96 from $69, following release of Part A data in sickle cell disease (SCD). We believe the demonstrated clinical benefit of at least 1g/dL improvement in hemoglobin in 58% of 1500mg voxelotor-treated patients, compared with 9% of placebo patients (p<0.0001), provides further support of the treatment's potential for approval. Further results from the study will be presented at a medical meeting later this year, along with an update on regulatory discussions with the FDA to seek accelerated approval. GBT shares are down 12% in pre- market trading."
According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -2.5% and a 49.4% 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 $77.57, implying a 100.4% upside from current levels. In a report issued on June 17, Oppenheimer also reiterated a Buy rating on the stock with a $74 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 777.2K.
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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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