Global Blood Therapeutics Received its Third Buy in a Row

After William Blair and H.C. Wainwright gave Global Blood Therapeutics (NASDAQ: GBT) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mark Breidenbach reiterated a Buy rating on Global Blood Therapeutics yesterday and set a price target of $74. The company’s shares closed on Friday at $41.90.

Breidenbach wrote:

“Friday, we took the road to visit investors in San Francisco and discuss the company’s regulatory strategy for voxelotor. Global Blood is pursuing an accelerated (subpart H) approval in sickle cell disease (SCD) based on the robust hemoglobin (Hb) response seen in the company’s ongoing HOPE study. Accelerated approval could be granted based on the drug’s ability to mitigate SCD-related anemia without increasing painful vaso-occlusive crises (VOCs) in a broad population of SCD patients. To demonstrate clinical benefit, the company has proposed multiple confirmatory studies designed for focused subgroups of patients with the goal of showing preservation of organ function. We believe management has presented a strong argument for subpart H approval. Reiterate Outperform rating, $74 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 10.2% and a 42.5% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Sorrento Therapeutics.

Currently, the analyst consensus on Global Blood Therapeutics is a Strong Buy with an average price target of $85, representing a 102.9% upside. In a report issued on July 27, H.C. Wainwright also maintained a Buy rating on the stock with a $125 price target.

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Based on Global Blood Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $41.56 million. In comparison, last year the company had a GAAP net loss of $23.88 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock.

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Global Blood Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders. It also provides oral medicines for sickle cell diseases.