Needham & Company LLC Reiterates “$51.00” Price Target for Global Blood Therapeutics, Inc. (GBT)
Global Blood Therapeutics, Inc. (NASDAQ:GBT) has been given a $51.00 price objective by analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 56.68% from the stock’s current price.
Other analysts have also issued reports about the stock. BidaskClub lowered shares of Global Blood Therapeutics from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Cowen and Company reiterated an “outperform” rating and set a $83.00 target price on shares of Global Blood Therapeutics in a report on Monday, August 14th. Zacks Investment Research lowered shares of Global Blood Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, October 16th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $46.00 target price (up from $44.00) on shares of Global Blood Therapeutics in a report on Tuesday, August 8th. Finally, Oppenheimer Holdings, Inc. set a $53.00 target price on shares of Global Blood Therapeutics and gave the stock a “buy” rating in a report on Wednesday, October 11th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.08.
Shares of Global Blood Therapeutics (GBT) traded up 1.72% on Wednesday, reaching $32.55. The company’s stock had a trading volume of 730,196 shares. Global Blood Therapeutics has a 12 month low of $13.35 and a 12 month high of $41.15. The firm’s market cap is $1.42 billion. The stock has a 50 day moving average of $29.93 and a 200-day moving average of $29.24.
Global Blood Therapeutics (NASDAQ:GBT) last posted its quarterly earnings results on Monday, August 7th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.06. During the same quarter in the previous year, the business earned ($0.58) EPS. On average, analysts anticipate that Global Blood Therapeutics will post ($2.44) EPS for the current year.
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In other Global Blood Therapeutics news, Director Deval L. Patrick sold 27,053 shares of the firm’s 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 $357,853.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jung Choi sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $30.00, for a total transaction of $90,000.00. Following the completion of the sale, the insider now owns 141,655 shares of the company’s stock, valued at $4,249,650. The disclosure for this sale can be found here. Insiders sold 36,053 shares of company stock valued at $1,081,154 over the last 90 days. 5.30% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley lifted its holdings in Global Blood Therapeutics by 140.0% in the first quarter. Morgan Stanley now owns 334,872 shares of the company’s stock worth $12,340,000 after buying an additional 195,323 shares during the period. Sphera Funds Management LTD. purchased a new stake in Global Blood Therapeutics in the second quarter worth about $4,103,000. Emory University purchased a new stake in Global Blood Therapeutics in the second quarter worth about $1,442,000. Marcus Capital LLC lifted its holdings in Global Blood Therapeutics by 25.7% in the second quarter. Marcus Capital LLC now owns 65,350 shares of the company’s stock worth $1,787,000 after buying an additional 13,350 shares during the period. Finally, Citigroup Inc. lifted its holdings in Global Blood Therapeutics by 1,544.9% in the second quarter. Citigroup Inc. now owns 87,819 shares of the company’s stock worth $2,402,000 after buying an additional 82,480 shares during the period. Institutional investors and hedge funds own 86.07% of the company’s stock.
Global Blood Therapeutics Company Profile
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).
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