Global Blood Therapeutics Gets a Buy Rating from Oppenheimer

By Austin Angelo

In a report released today, Mark Breidenbach from Oppenheimer assigned a Buy rating to Global Blood Therapeutics (NASDAQ: GBT), with a price target of $53. The company’s shares opened today at $33.35.

Breidenbach commented:

“Today, at the Academy for Sickle Cell and Thalassemia annual conference, Global Blood presented clinical results from a sickle cell disease (SCD) patient carrying the HbSC genotype who received GBT440 for 180 days. In a longitudinal analysis, the patient displayed a dose-dependent, sustained improvement in hemoglobin (Hb) level and reported reduced fatigue, a common symptom of SCD. We believe this case study further supports GBT440’s use in symptomatic SCD patients, including those who do not carry the more common HbSS genotype. The ongoing pivotal HOPE trial is enrolling all symptomatic SCD patients, regardless of genotype, and we believe this case adds to the growing body of evidence suggesting HOPE could hit its main endpoints.”

According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 4.2% and a 44.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, RXi Pharmaceuticals Corp, and Mateon Therapeutics Inc.

Currently, the analyst consensus on Global Blood Therapeutics is Strong Buy and the average price target is $58.33, representing a 74.9% upside.

In a report issued on September 26, Cantor Fitzgerald also assigned a Buy rating to the stock with a $61 price target.

The company has a one-year high of $41.15 and a one-year low of $13.35. Currently, Global Blood Therapeutics has an average volume of 743.4K.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock.

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Global Blood Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders. It also provides oral medicines for sickle cell diseases. The company was founded by Matthew P. Jacobson, Andrej Sali, Jack Taunton, Charles J. Homcy, Craig D.