J P Morgan Chase & Co Reiterates “Overweight” Rating for Global Blood Therapeutics, Inc. (GBT)

J P Morgan Chase & Co reaffirmed their overweight rating on shares of Global Blood Therapeutics, Inc. (NASDAQ:GBT) in a report released on Tuesday, Marketbeat reports. J P Morgan Chase & Co currently has a $46.00 price target on the stock, up from their prior price target of $44.00.

A number of other equities analysts have also issued reports on GBT. BidaskClub upgraded shares of Global Blood Therapeutics from a sell rating to a hold rating in a research report on Saturday, August 5th. Oppenheimer Holdings, Inc. assumed coverage on shares of Global Blood Therapeutics in a research report on Friday, August 4th. They issued an outperform rating and a $53.00 target price for the company. ValuEngine upgraded shares of Global Blood Therapeutics from a sell rating to a hold rating in a research report on Saturday, June 10th. Janney Montgomery Scott assumed coverage on shares of Global Blood Therapeutics in a research report on Monday, May 1st. They issued a buy rating and a $37.00 target price for the company. Finally, Wedbush reiterated an outperform rating and issued a $73.00 target price on shares of Global Blood Therapeutics in a research report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $50.75.

Global Blood Therapeutics (NASDAQ:GBT) opened at 28.55 on Tuesday. Global Blood Therapeutics has a 12 month low of $13.35 and a 12 month high of $41.15. The stock’s market capitalization is $1.25 billion. The firm’s 50-day moving average is $28.14 and its 200 day moving average is $28.73.

Global Blood Therapeutics (NASDAQ:GBT) last announced its earnings results on Monday, August 7th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.06. During the same quarter in the prior year, the business posted ($0.58) earnings per share. On average, equities analysts anticipate that Global Blood Therapeutics will post ($2.48) earnings per share for the current year.

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In other Global Blood Therapeutics news, Director Deval L. Patrick sold 27,053 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $29.69, for a total transaction of $803,203.57. Following the completion of the sale, the director now directly owns 12,053 shares of the company’s stock, valued at $357,853.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jung Choi sold 3,000 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $30.00, for a total transaction 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 disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Global Blood Therapeutics by 4,675.5% in the first quarter. BlackRock Inc. now owns 2,618,847 shares of the company’s stock worth $96,503,000 after buying an additional 2,564,008 shares in the last quarter. White Square Capital LLP purchased a new stake in Global Blood Therapeutics during the first quarter worth approximately $53,593,000. Perceptive Advisors LLC raised its stake in Global Blood Therapeutics by 23.3% in the first quarter. Perceptive Advisors LLC now owns 3,858,978 shares of the company’s stock worth $142,203,000 after buying an additional 730,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Global Blood Therapeutics by 40.1% in the first quarter. Vanguard Group Inc. now owns 2,535,980 shares of the company’s stock worth $93,451,000 after buying an additional 726,366 shares in the last quarter. Finally, Redmile Group LLC raised its stake in Global Blood Therapeutics by 195.3% in the first quarter. Redmile Group LLC now owns 934,343 shares of the company’s stock worth $34,431,000 after buying an additional 617,943 shares in the last quarter. 72.29% of the stock is owned by 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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