Global Blood Therapeutics (GBT) Stock Rating Lowered by Zacks Investment Research

Global Blood Therapeutics (NASDAQ:GBT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, March 6th.

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. “

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A number of other equities analysts have also commented on GBT. SunTrust Banks raised their price objective on shares of Global Blood Therapeutics to $67.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Cowen restated a “buy” rating and issued a $83.00 price objective on shares of Global Blood Therapeutics in a research report on Thursday, November 9th. Oppenheimer set a $53.00 price objective on shares of Global Blood Therapeutics and gave the company a “buy” rating in a research report on Monday, November 13th. HC Wainwright started coverage on shares of Global Blood Therapeutics in a research report on Friday, December 1st. They issued a “buy” rating and a $73.00 price objective for the company. Finally, ValuEngine downgraded shares of Global Blood Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. Global Blood Therapeutics has a consensus rating of “Buy” and an average price target of $70.69.

NASDAQ:GBT traded up $0.60 on Tuesday, reaching $48.30. 932,951 shares of the company’s stock were exchanged, compared to its average volume of 1,189,839. The firm has a market capitalization of $2,450.36, a PE ratio of -17.50 and a beta of 4.31. Global Blood Therapeutics has a 52 week low of $24.02 and a 52 week high of $68.05.

Global Blood Therapeutics (NASDAQ:GBT) last issued its earnings results on Tuesday, February 27th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.22). sell-side analysts expect that Global Blood Therapeutics will post -3.72 EPS for the current year.

In related news, insider Peter Radovich sold 15,000 shares of Global Blood Therapeutics stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $50.00, for a total value of $750,000.00. Following the sale, the insider now owns 17,684 shares in the company, valued at $884,200. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jung Choi sold 3,000 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $62.95, for a total transaction of $188,850.00. Following the sale, the insider now owns 140,877 shares in the company, valued at approximately $8,868,207.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,911 shares of company stock worth $3,112,352. 5.30% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC bought a new stake in shares of Global Blood Therapeutics during the 3rd quarter valued at $200,000. Trexquant Investment LP purchased a new position in shares of Global Blood Therapeutics in the 3rd quarter worth about $202,000. Xact Kapitalforvaltning AB purchased a new position in shares of Global Blood Therapeutics in the 4th quarter worth about $202,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Global Blood Therapeutics in the 3rd quarter worth about $205,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Global Blood Therapeutics in the 3rd quarter worth about $230,000. Hedge funds and other institutional investors own 85.40% of the company’s stock.

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Global Blood Therapeutics Company Profile

Global Blood Therapeutics Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel therapeutics to treat grievous blood-based disorders. Its lead product candidate is voxelotor, an oral once-daily therapy that modulates hemoglobin's affinity for oxygen, which is in Phase 3 clinical trials in adult and adolescent patients with sickle cell disease (SCD), as well as in evaluating the safety and pharmacokinetics of single and multiple doses of voxelotor in a Phase 2a clinical trial of adolescent and pediatric patients with SCD.

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