Morgan Stanley Reiterates Overweight Rating for Global Blood Therapeutics, Inc. (GBT)
Global Blood Therapeutics, Inc. (NASDAQ:GBT)‘s stock had its “overweight” rating restated by investment analysts at Morgan Stanley in a report issued on Friday. They presently have a $56.00 target price on the stock, up from their prior target price of $51.00. Morgan Stanley’s target price suggests a potential upside of 73.11% from the company’s current price.
Several other equities research analysts have also issued reports on GBT. ValuEngine raised Global Blood Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. BidaskClub lowered Global Blood Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Oppenheimer Holdings, Inc. initiated coverage on Global Blood Therapeutics in a research report on Friday, August 4th. They set an “outperform” rating and a $53.00 price target on the stock. J P Morgan Chase & Co reissued an “overweight” rating and set a $46.00 price target (up from $44.00) on shares of Global Blood Therapeutics in a research report on Tuesday, August 8th. Finally, Cowen and Company reissued an “outperform” rating and set a $83.00 price target on shares of Global Blood Therapeutics in a research report on Monday, August 14th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $55.73.
Global Blood Therapeutics (NASDAQ GBT) opened at 32.35 on Friday. Global Blood Therapeutics has a one year low of $13.35 and a one year high of $41.15. The stock has a 50 day moving average of $28.61 and a 200-day moving average of $29.62. The firm’s market capitalization is $1.41 billion.
Global Blood Therapeutics (NASDAQ:GBT) last posted its quarterly earnings results on Monday, August 7th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.61) by $0.06. During the same period last year, the business earned ($0.58) EPS. On average, equities analysts predict that Global Blood Therapeutics will post ($2.44) EPS for the current year.
In other Global Blood Therapeutics news, insider Jung Choi sold 3,000 shares of the stock in a transaction on Friday, July 21st. 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 143,255 shares of the company’s stock, valued at $4,297,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Deval L. Patrick sold 27,053 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $29.69, for a total value of $803,203.57. Following the completion of the sale, the director now directly owns 12,053 shares in the company, valued at $357,853.57. The disclosure for this sale can be found here. Insiders sold 36,053 shares of company stock worth $1,073,204 over the last ninety days. 5.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GBT. Teachers Advisors LLC increased its position in Global Blood Therapeutics by 19.3% in the fourth quarter. Teachers Advisors LLC now owns 29,682 shares of the company’s stock worth $429,000 after buying an additional 4,812 shares during the period. Russell Investments Group Ltd. increased its position in Global Blood Therapeutics by 1,054.6% in the first quarter. Russell Investments Group Ltd. now owns 28,761 shares of the company’s stock worth $1,060,000 after buying an additional 26,270 shares during the period. Wells Fargo & Company MN increased its position in Global Blood Therapeutics by 25.3% in the first quarter. Wells Fargo & Company MN now owns 120,568 shares of the company’s stock worth $4,443,000 after buying an additional 24,363 shares during the period. Great West Life Assurance Co. Can acquired a new stake in Global Blood Therapeutics in the first quarter worth $129,000. Finally, Bank of New York Mellon Corp increased its position in Global Blood Therapeutics by 79.2% in the first quarter. Bank of New York Mellon Corp now owns 139,389 shares of the company’s stock worth $5,137,000 after buying an additional 61,593 shares during the period. 86.07% of the stock is currently owned by hedge funds and other institutional investors.
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).
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