Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Global Blood Therapeutics (GBT) today and set a price target of $82. The company’s shares closed on Friday at $31.54, close to its 52-week low of $30.15.
“Monday, Global Blood announced that it has reached an agreement with the FDA regarding a proposed accelerated approval pathway for voxelotor. Following extensive discussions, the Agency has agreed to consider accelerated approval based on hemoglobin response, the primary endpoint of the company’s ongoing Phase 3 HOPE trial. We believe the agreement puts GBT on track to file accelerated approval in mid-2019. The FDA agreed that transcranial Doppler (TCD) flow velocity, a validated indicator of stroke risk, could be an acceptable primary endpoint in a post- approval confirmatory trial. We view this news positively, as it dispels much of the remaining uncertainty surrounding voxelotor’s development timeline, and we expect GBT shares to trade sharply higher today. We reiterate our Outperform rating and $82 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.1% and a 32.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Sorrento Therapeutics, and Seres Therapeutics.
Global Blood Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $87.75, implying a 178.2% upside from current levels. In a report issued on November 19, Wedbush also reiterated a Buy rating on the stock with a $73 price target.
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Based on Global Blood Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $43.07 million. In comparison, last year the company had a GAAP net loss of $28.56 million.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GBT in relation to earlier this year.
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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.