Global Blood Therapeutics (NASDAQ:GBT)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report released on Wednesday. They presently have a $73.00 price objective on the stock. Wedbush’s price target would suggest a potential upside of 34.94% from the stock’s previous close.
The analysts wrote, “We spoke to a manufacturing consultant regarding the observations, and he indicated that the issues could easily be corrected. In a best case, the Malaysian facility could potentially be cleared in a 3-6 month timeframe compared to a likely worst case ~9 month timeframe. Biocon noted that it has already submitted its Corrective and Preventive Action Plan to the FDA. Consultant Commentary: The FDA published the Form 483 (attached) received by Biocon’s Malaysian facility where MYL’s biosimilar insulin glargine is being produced. We spoke to a manufacturing consultant regarding the observations. While the consultant did indicate that the observations were concerning – problems with media fills and batch validation, particulates in the vials, failure to investigate deficiencies – he also noted that the problems could easily be corrected, likely in a 3-4 month timeframe.””
A number of other equities analysts have also recently issued reports on the stock. HC Wainwright set a $73.00 price objective on shares of Global Blood Therapeutics and gave the company a “buy” rating in a research report on Monday. BidaskClub cut shares of Global Blood Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research cut shares of Global Blood Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, March 6th. Morgan Stanley boosted their price objective on shares of Global Blood Therapeutics from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, March 6th. Finally, SunTrust Banks set a $80.00 price objective on shares of Global Blood Therapeutics and gave the company a “buy” rating in a research report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Global Blood Therapeutics has a consensus rating of “Buy” and an average price target of $69.00.
Global Blood Therapeutics (NASDAQ:GBT) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.22). equities research analysts anticipate that Global Blood Therapeutics will post -3.61 earnings per share for the current fiscal year.
In related news, insider Peter Radovich sold 30,000 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $60.00, for a total transaction of $1,800,000.00. Following the sale, the insider now owns 33,581 shares of the company’s stock, valued at $2,014,860. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Perceptive Advisors Llc acquired 175,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were acquired at an average cost of $38.00 per share, for a total transaction of $6,650,000.00. The disclosure for this purchase can be found here. Insiders have sold a total of 54,911 shares of company stock worth $3,059,552 in the last ninety days. Insiders own 5.30% of the company’s stock.
A number of large investors have recently bought and sold shares of GBT. Point72 Asset Management L.P. boosted its stake in Global Blood Therapeutics by 189.5% during the third quarter. Point72 Asset Management L.P. now owns 2,022,700 shares of the company’s stock worth $62,805,000 after acquiring an additional 1,323,934 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Global Blood Therapeutics by 14.7% during the fourth quarter. Perceptive Advisors LLC now owns 4,889,066 shares of the company’s stock worth $192,384,000 after acquiring an additional 625,000 shares in the last quarter. RTW Investments LP boosted its stake in Global Blood Therapeutics by 2,186.9% during the fourth quarter. RTW Investments LP now owns 601,683 shares of the company’s stock worth $23,676,000 after acquiring an additional 575,373 shares in the last quarter. Millennium Management LLC boosted its stake in Global Blood Therapeutics by 4,463.4% during the fourth quarter. Millennium Management LLC now owns 479,838 shares of the company’s stock worth $18,882,000 after acquiring an additional 469,323 shares in the last quarter. Finally, Citadel Advisors LLC boosted its stake in Global Blood Therapeutics by 161.7% during the fourth quarter. Citadel Advisors LLC now owns 716,611 shares of the company’s stock worth $28,199,000 after acquiring an additional 442,828 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.
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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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