Global Blood Therapeutics (NASDAQ:GBT) was upgraded by equities research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat reports. The firm presently has a $103.00 price objective on the stock, up from their previous price objective of $91.00. Goldman Sachs Group’s price target points to a potential upside of 63.16% from the stock’s current price.
A number of other equities analysts also recently commented on GBT. Wells Fargo & Co restated a “buy” rating on shares of Global Blood Therapeutics in a research note on Friday, June 12th. Nomura reissued a “buy” rating and set a $112.00 price target on shares of Global Blood Therapeutics in a research report on Thursday, May 7th. Wedbush reaffirmed a “buy” rating and set a $145.00 price target on shares of Global Blood Therapeutics in a research report on Tuesday, June 23rd. Oppenheimer reissued a “buy” rating and issued a $101.00 price objective on shares of Global Blood Therapeutics in a report on Monday, June 15th. Finally, Canaccord Genuity restated a “hold” rating on shares of Global Blood Therapeutics in a report on Thursday, June 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $105.00.
Shares of GBT opened at $63.13 on Wednesday. The firm has a market cap of $4.05 billion, a P/E ratio of -13.66 and a beta of 1.90. Global Blood Therapeutics has a twelve month low of $39.95 and a twelve month high of $87.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 8.83 and a current ratio of 9.07. The firm’s 50 day moving average price is $67.93 and its two-hundred day moving average price is $69.22.
Global Blood Therapeutics (NASDAQ:GBT) last released its earnings results on Wednesday, May 6th. The company reported ($1.20) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.47) by $0.27. The firm had revenue of $14.12 million for the quarter, compared to the consensus estimate of $3.65 million. During the same quarter last year, the company posted ($0.87) EPS. On average, sell-side analysts anticipate that Global Blood Therapeutics will post -4.49 earnings per share for the current fiscal year.
In other Global Blood Therapeutics news, Director Dawn Svoronos sold 2,544 shares of the business’s stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $63.94, for a total transaction of $162,663.36. Following the completion of the transaction, the director now directly owns 4,800 shares in the company, valued at $306,912. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey S. Farrow sold 15,208 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $67.00, for a total value of $1,018,936.00. Following the sale, the chief financial officer now owns 18,256 shares of the company’s stock, valued at $1,223,152. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,330 shares of company stock worth $6,120,196. 4.20% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in GBT. Victory Capital Management Inc. grew its stake in shares of Global Blood Therapeutics by 3.6% during the fourth quarter. Victory Capital Management Inc. now owns 7,257 shares of the company’s stock worth $474,000 after buying an additional 249 shares during the last quarter. National Asset Management Inc. acquired a new stake in shares of Global Blood Therapeutics during the 4th quarter valued at $211,000. Prudential Financial Inc. grew its position in Global Blood Therapeutics by 7.5% during the 4th quarter. Prudential Financial Inc. now owns 5,400 shares of the company’s stock worth $429,000 after acquiring an additional 377 shares during the last quarter. TD Asset Management Inc. increased its holdings in Global Blood Therapeutics by 29.7% in the 4th quarter. TD Asset Management Inc. now owns 108,629 shares of the company’s stock worth $8,635,000 after purchasing an additional 24,900 shares in the last quarter. Finally, Great West Life Assurance Co. Can acquired a new position in Global Blood Therapeutics in the 4th quarter worth about $323,000.
About Global Blood Therapeutics
Global Blood Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities. It is developing its lead product candidate, voxelotor, an oral, once-daily therapy for sickle cell disease (SCD). The company is evaluating voxelotor in SCD in a Phase III clinical trial in adult and adolescent patients with SCD.
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