Analysts Set Global Blood Therapeutics, Inc. (GBT) PT at $55.70

Shares of Global Blood Therapeutics, Inc. (NASDAQ:GBT) have been assigned an average recommendation of “Buy” from the fourteen analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $55.73.

Several equities analysts have recently commented on the stock. Morgan Stanley restated an “overweight” rating and set a $56.00 price target (up previously from $51.00) on shares of Global Blood Therapeutics in a research report on Friday. BidaskClub lowered shares of Global Blood Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Cowen and Company restated an “outperform” rating and set a $83.00 price target on shares of Global Blood Therapeutics in a research report on Monday, August 14th. J P Morgan Chase & Co restated an “overweight” rating and set a $46.00 price target (up previously from $44.00) on shares of Global Blood Therapeutics in a research report on Tuesday, August 8th. Finally, Needham & Company LLC assumed coverage on shares of Global Blood Therapeutics in a research report on Wednesday, September 20th. They set a “buy” rating and a $51.00 price target for the company.

Shares of Global Blood Therapeutics (GBT) traded down 1.85% during midday trading on Wednesday, reaching $31.75. 441,259 shares of the company traded hands. The firm’s market capitalization is $1.39 billion. The company has a 50 day moving average of $28.61 and a 200 day moving average of $29.62. Global Blood Therapeutics has a 12 month low of $13.35 and a 12 month high of $41.15.

Global Blood Therapeutics (NASDAQ:GBT) last issued its earnings results on Monday, August 7th. The company reported ($0.55) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.61) by $0.06. During the same quarter last year, the firm earned ($0.58) EPS. On average, equities research analysts predict that Global Blood Therapeutics will post ($2.44) earnings per share for the current fiscal year.

In related news, Director Deval L. Patrick sold 27,053 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $29.69, for a total value of $803,203.57. Following the completion of the transaction, the director now owns 12,053 shares in the company, valued at approximately $357,853.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jung Choi sold 3,000 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $30.00, for a total transaction of $90,000.00. Following the completion of the transaction, the insider now owns 140,055 shares of the company’s stock, valued at approximately $4,201,650. The disclosure for this sale can be found here. Insiders sold a total of 36,053 shares of company stock valued at $1,073,204 in the last quarter. 5.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System grew its position in Global Blood Therapeutics by 65.6% in the 2nd quarter. California State Teachers Retirement System now owns 65,390 shares of the company’s stock valued at $1,788,000 after buying an additional 25,900 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Global Blood Therapeutics by 100.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,978 shares of the company’s stock valued at $792,000 after buying an additional 14,509 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in Global Blood Therapeutics by 94.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,205 shares of the company’s stock valued at $224,000 after buying an additional 3,991 shares in the last quarter. Tyrus Capital S.A.M. bought a new position in shares of Global Blood Therapeutics during the 2nd quarter valued at about $821,000. Finally, State Street Corp boosted its position in shares of Global Blood Therapeutics by 217.9% during the 2nd quarter. State Street Corp now owns 2,138,323 shares of the company’s stock valued at $58,479,000 after purchasing an additional 1,465,595 shares in the last quarter. Hedge funds and other institutional investors own 86.07% of the company’s stock.

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About Global Blood Therapeutics

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).

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

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