Global Blood Therapeutics (GBT) Stock Price Up 5.2% After Better-Than-Expected Earnings

Global Blood Therapeutics Inc (NASDAQ:GBT) rose 5.2% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $44.17 and last traded at $41.69. Approximately 1,685,040 shares traded hands during trading, an increase of 60% from the average daily volume of 1,055,682 shares. The stock had previously closed at $39.64.

The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.85) by $0.02. During the same period last year, the firm earned ($0.66) EPS.

A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Global Blood Therapeutics from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, July 19th. HC Wainwright restated a “buy” rating and issued a $125.00 target price on shares of Global Blood Therapeutics in a report on Friday, July 27th. BidaskClub cut Global Blood Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 1st. Cantor Fitzgerald restated a “buy” rating and issued a $96.00 target price on shares of Global Blood Therapeutics in a report on Thursday, August 2nd. Finally, JPMorgan Chase & Co. restated a “buy” rating and issued a $75.00 target price on shares of Global Blood Therapeutics in a report on Sunday, August 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $80.20.

In related news, insider Lesley Ann Calhoun sold 2,004 shares of Global Blood Therapeutics stock in a transaction on Friday, August 17th. The stock was sold at an average price of $49.89, for a total value of $99,979.56. Following the transaction, the insider now directly owns 1,342 shares in the company, valued at approximately $66,952.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Several hedge funds have recently modified their holdings of GBT. California State Teachers Retirement System grew its holdings in shares of Global Blood Therapeutics by 1.9% during the first quarter. California State Teachers Retirement System now owns 59,314 shares of the company’s stock valued at $2,865,000 after buying an additional 1,115 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Global Blood Therapeutics by 63.5% during the first quarter. Legal & General Group Plc now owns 15,299 shares of the company’s stock valued at $739,000 after buying an additional 5,942 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Global Blood Therapeutics by 195.0% during the first quarter. Royal Bank of Canada now owns 175,113 shares of the company’s stock valued at $8,458,000 after buying an additional 115,746 shares in the last quarter. Daiwa SB Investments Ltd. grew its holdings in shares of Global Blood Therapeutics by 103.1% during the second quarter. Daiwa SB Investments Ltd. now owns 32,630 shares of the company’s stock valued at $1,475,000 after buying an additional 16,561 shares in the last quarter. Finally, Essex Investment Management Co. LLC grew its holdings in shares of Global Blood Therapeutics by 193.9% during the second quarter. Essex Investment Management Co. LLC now owns 26,537 shares of the company’s stock valued at $1,199,000 after buying an additional 17,507 shares in the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -15.11 and a beta of 3.70.

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Global Blood Therapeutics Company Profile (NASDAQ:GBT)

Global Blood Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities. It is developing its lead product candidate, voxelotor, an oral, once-daily therapy for sickle cell disease (SCD). The company is evaluating voxelotor in SCD in a Phase III clinical trial in adult and adolescent patients with SCD.

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