Global Blood Therapeutics Inc (NASDAQ:GBT) shot up 19.1% on Wednesday . The stock traded as high as $48.85 and last traded at $47.15. 4,272,400 shares were traded during trading, an increase of 232% from the average session volume of 1,286,267 shares. The stock had previously closed at $39.60.
Several research firms have recently weighed in on GBT. BidaskClub lowered Global Blood Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 20th. Wedbush reissued an “outperform” rating and set a $73.00 price objective on shares of Global Blood Therapeutics in a research note on Friday, December 15th. Needham & Company LLC raised their price objective on Global Blood Therapeutics from $51.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, December 14th. Oppenheimer set a $79.00 price objective on Global Blood Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Finally, Nomura raised their price objective on Global Blood Therapeutics to $91.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the stock. Global Blood Therapeutics has a consensus rating of “Buy” and an average price target of $62.07.
The company has a market cap of $2,480.00 and a PE ratio of -21.75.
In other news, insider Jung Choi sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 17th. The stock was sold at an average price of $32.65, for a total value of $97,950.00. Following the completion of the sale, the insider now owns 138,455 shares of the company’s stock, valued at $4,520,555.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles J. Homcy sold 70,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $33.97, for a total value of $2,377,900.00. Following the completion of the sale, the director now directly owns 83,328 shares of the company’s stock, valued at approximately $2,830,652.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,500 shares of company stock valued at $3,023,000. 5.30% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Emory University acquired a new stake in Global Blood Therapeutics during the second quarter valued at $1,442,000. Citigroup Inc. boosted its position in Global Blood Therapeutics by 1,544.9% during the second quarter. Citigroup Inc. now owns 87,819 shares of the company’s stock valued at $2,402,000 after purchasing an additional 82,480 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Global Blood Therapeutics by 211.7% during the second quarter. Goldman Sachs Group Inc. now owns 317,571 shares of the company’s stock valued at $8,686,000 after purchasing an additional 215,690 shares during the last quarter. Family Management Corp acquired a new stake in Global Blood Therapeutics during the third quarter valued at $351,000. Finally, Perceptive Advisors LLC boosted its position in Global Blood Therapeutics by 8.4% during the third quarter. Perceptive Advisors LLC now owns 4,264,066 shares of the company’s stock valued at $132,399,000 after purchasing an additional 330,139 shares during the last quarter. 85.72% of the stock is 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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