Global Blood Therapeutics (GBT): Raising PT After Formation Of Pivotal Sickle Cell Study - Wedbush
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Wedbush analyst, Heather Beananna reiterated her Outperform rating on Global Blood Therapeutics (NASDAQ: GBT) and raised her price target to $73 from $66.
Global Blood announced the design of its pivotal study (HOPE) for GBT440 in sickle cell disease (SCD) patients. The trial design represents a best case scenario - the company avoids a long, risky VOC study, and instead, it can pursue a study with a hematologic primary endpoint and a key secondary endpoint that will likely be a patient reported outcome of pain or fatigue. The FDA buy-in with the clinical plan supports the agency's interest in helping sickle cell patients and buy-in with GBT440 data. The pivotal study is expected to begin in December with data expected in 1H19.
The analyst sees a lower risk regulatory path and an increase in news flow over the coming two years. The next fundamental catalyst for GBT shares is 900mg 90 day data at ASH.
Shares of Global Blood Therapeutics closed at $17.75 yesterday.
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