Research analysts at Needham & Company LLC began coverage on shares of Global Blood Therapeutics, Inc. (NASDAQ:GBT) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating on the stock.

GBT has been the subject of a number of other reports. BidaskClub cut Global Blood Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, September 14th. Morgan Stanley reiterated an “overweight” rating on shares of Global Blood Therapeutics in a report on Tuesday, July 11th. ValuEngine cut Global Blood Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, June 3rd. J P Morgan Chase & Co reiterated an “overweight” rating and set a $46.00 price target (up from $44.00) on shares of Global Blood Therapeutics in a report on Tuesday, August 8th. Finally, Cowen and Company reiterated an “outperform” rating and set a $83.00 price target on shares of Global Blood Therapeutics in a report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the company. Global Blood Therapeutics has a consensus rating of “Buy” and an average target price of $49.73.

Shares of Global Blood Therapeutics (NASDAQ:GBT) traded up 0.35% during mid-day trading on Wednesday, reaching $28.60. The company had a trading volume of 540,303 shares. Global Blood Therapeutics has a 1-year low of $13.35 and a 1-year high of $41.15. The stock’s 50-day moving average price is $27.87 and its 200 day moving average price is $30.05. The company’s market capitalization is $1.25 billion.

Global Blood Therapeutics (NASDAQ:GBT) last released its quarterly earnings results on Monday, August 7th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.06. During the same period in the previous year, the firm earned ($0.58) EPS. Equities analysts expect that Global Blood Therapeutics will post ($2.45) EPS for the current year.

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In other Global Blood Therapeutics news, insider Jung Choi sold 3,000 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $30.00, for a total value of $90,000.00. Following the sale, the insider now owns 143,255 shares of the company’s stock, valued at approximately $4,297,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deval L. Patrick sold 27,053 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $29.69, for a total value of $803,203.57. Following the completion of the sale, the director now directly owns 12,053 shares in the company, valued at approximately $357,853.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,053 shares of company stock worth $983,204. 5.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of GBT. BNP Paribas Arbitrage SA raised its position in Global Blood Therapeutics by 694.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,547 shares of the company’s stock valued at $124,000 after purchasing an additional 3,975 shares in the last quarter. Great West Life Assurance Co. Can acquired a new stake in Global Blood Therapeutics in the 1st quarter valued at about $129,000. Asset Management One Co. Ltd. acquired a new stake in Global Blood Therapeutics in the 1st quarter valued at about $130,000. Legal & General Group Plc raised its position in Global Blood Therapeutics by 10.1% in the 1st quarter. Legal & General Group Plc now owns 4,816 shares of the company’s stock valued at $178,000 after purchasing an additional 440 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Global Blood Therapeutics in the 2nd quarter valued at about $211,000. 86.07% of the stock is currently owned by institutional investors.

About Global Blood Therapeutics

Global Blood Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in discovering, developing and commercializing therapeutics to treat blood-based disorders. The Company is developing its initial product candidate, GBT440, as an oral, once-daily therapy for sickle cell disease (SCD).

The Fly

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

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