Zacks Investment Research upgraded shares of Global Blood Therapeutics Inc. (NASDAQ:GBT) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $20.00 target price on the stock.

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. “

Several other equities research analysts have also recently commented on the stock. Wedbush reaffirmed an outperform rating and issued a $66.00 target price on shares of Global Blood Therapeutics in a research report on Monday, August 22nd. Morgan Stanley reaffirmed a buy rating and issued a $62.00 target price on shares of Global Blood Therapeutics in a research report on Sunday, August 14th. Finally, Wells Fargo & Co. started coverage on shares of Global Blood Therapeutics in a research report on Friday, September 30th. They issued an outperform rating and a $23.05 target price for the company. Five equities research analysts have rated the stock with a buy rating, The company has an average rating of Buy and an average price target of $46.18.

Shares of Global Blood Therapeutics (NASDAQ:GBT) opened at 18.25 on Tuesday. Global Blood Therapeutics has a 12 month low of $12.24 and a 12 month high of $55.74. The firm has a 50-day moving average of $20.06 and a 200-day moving average of $19.48. The firm’s market cap is $680.45 million.

Global Blood Therapeutics (NASDAQ:GBT) last announced its quarterly earnings results on Wednesday, August 10th. The company reported ($0.58) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. During the same quarter in the previous year, the firm posted ($4.84) EPS. On average, analysts anticipate that Global Blood Therapeutics will post $0.74 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sectoral Asset Management Inc. purchased a new position in shares of Global Blood Therapeutics during the second quarter worth about $16,378,000. FMR LLC boosted its position in shares of Global Blood Therapeutics by 21.0% in the second quarter. FMR LLC now owns 5,533,461 shares of the company’s stock worth $91,800,000 after buying an additional 959,169 shares during the period. Perceptive Advisors LLC boosted its position in shares of Global Blood Therapeutics by 70.2% in the second quarter. Perceptive Advisors LLC now owns 2,207,668 shares of the company’s stock worth $36,625,000 after buying an additional 910,200 shares during the period. Deerfield Management Co. boosted its position in shares of Global Blood Therapeutics by 45.2% in the second quarter. Deerfield Management Co. now owns 1,733,828 shares of the company’s stock worth $28,764,000 after buying an additional 540,017 shares during the period. Finally, Janus Capital Management LLC boosted its position in shares of Global Blood Therapeutics by 60.5% in the second quarter. Janus Capital Management LLC now owns 1,249,686 shares of the company’s stock worth $20,732,000 after buying an additional 471,229 shares during the period. 62.67% of the stock is currently owned by institutional investors and hedge funds.

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’s segment is engaged in discovering, developing and commercializing therapeutics to treat blood-based disorders.

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