.png "Global Blood Therapeutics (NASDAQ: GBT)")
In a report released today, Mark Breidenbach from Oppenheimer reiterated a Buy rating on Global Blood Therapeutics (NASDAQ: GBT), with a price target of $74. The company’s shares opened today at $51.70.
Breidenbach observed:
“Thursday, Global Blood announced an in-licensing agreement with Roche for rights to inclacumab, an antibody targeting P-selectin that could specifically address vaso- occlusive crises (VOCs) in patients with sickle cell disease (SCD). In our view, inclacumab could help fill a clinical benefit gap for patients receiving voxelotor, Global Blood’s lead product. Available data suggest voxelotor, which acts at an upstream point in SCD pathophysiology, rapidly and sustainably reduces hemolytic anemia but may require extended dosing before a tangible VOC benefit develops. Inclacumab could provide an immediate VOC benefit, and its development is partially de-risked by Novartis’ crizanlizumab. We see inclacumab as a complementary and logical addition to Global Blood’s pipeline, and reiterate our Outperform rating and $74 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 11.5% and a 42.9% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Sorrento Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Global Blood Therapeutics with a $84.56 average price target, which is a 63.6% upside from current levels. In a report issued on August 8, H.C. Wainwright also maintained a Buy rating on the stock with a $125 price target.
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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 52 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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