Global Blood Therapeutics (GBT) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Global Blood Therapeutics (NASDAQ:GBT) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

According to Zacks, “Global Blood Therapeutics, Inc. is a biopharmaceutical company which is engaged in discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders. Its product candidate consists of GBT440 is an oral, once-daily prophylactic therapy for sickle cell disease which is in clinical trial. The company in addition to GBT is involved in research and development activities targeted hypoxemic pulmonary disorders, including idiopathic pulmonary fibrosis and hereditary angioedema. Global Blood Therapeutics, Inc. is based in South San Francisco, California. “

A number of other research firms also recently weighed in on GBT. Cowen restated an outperform rating and issued a $83.00 price target on shares of Global Blood Therapeutics in a research note on Monday, August 14th. Wedbush restated an outperform rating and issued a $73.00 price target on shares of Global Blood Therapeutics in a research note on Monday, December 4th. Oppenheimer set a $53.00 price target on Global Blood Therapeutics and gave the company a buy rating in a research note on Monday, November 13th. HC Wainwright initiated coverage on Global Blood Therapeutics in a research note on Friday, December 1st. They issued a buy rating and a $73.00 price target for the company. Finally, BidaskClub upgraded Global Blood Therapeutics from a sell rating to a hold rating in a research note on Thursday, August 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Global Blood Therapeutics has an average rating of Buy and a consensus target price of $56.38.

Shares of Global Blood Therapeutics (NASDAQ:GBT) traded up $1.85 during trading on Wednesday, reaching $45.70. The company had a trading volume of 1,477,224 shares, compared to its average volume of 721,356. Global Blood Therapeutics has a 1-year low of $13.35 and a 1-year high of $45.75.

Global Blood Therapeutics (NASDAQ:GBT) last announced its earnings results on Thursday, November 2nd. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.62) by ($0.04). During the same quarter last year, the business earned ($0.58) earnings per share. equities analysts expect that Global Blood Therapeutics will post -2.55 earnings per share for the current year.

In related news, Director Charles J. Homcy sold 70,000 shares of Global Blood Therapeutics stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $33.97, for a total transaction of $2,377,900.00. Following the completion of the sale, the director now directly owns 83,328 shares of the company’s stock, valued at approximately $2,830,652.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jung Choi sold 3,000 shares of Global Blood Therapeutics stock in a transaction that occurred on Friday, September 29th. 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 directly owns 140,055 shares of the company’s stock, valued at $4,201,650. The disclosure for this sale can be found here. Insiders have sold a total of 88,500 shares of company stock valued at $3,003,350 over the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Sphera Funds Management LTD. acquired a new stake in Global Blood Therapeutics during the 2nd quarter worth approximately $4,103,000. Emory University acquired a new stake in Global Blood Therapeutics during the 2nd quarter worth approximately $1,442,000. Marcus Capital LLC lifted its holdings in Global Blood Therapeutics by 25.7% during the 2nd quarter. Marcus Capital LLC now owns 65,350 shares of the company’s stock worth $1,787,000 after purchasing an additional 13,350 shares during the last quarter. Citigroup Inc. lifted its holdings in Global Blood Therapeutics by 1,544.9% during the 2nd quarter. Citigroup Inc. now owns 87,819 shares of the company’s stock worth $2,402,000 after purchasing an additional 82,480 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Global Blood Therapeutics by 211.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 317,571 shares of the company’s stock worth $8,686,000 after purchasing an additional 215,690 shares during the last quarter. 90.48% of the stock is 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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