Wedbush Remains Bullish After Hosting a Dinner with Global Blood Therapeutics (GBT)
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Wedbush reiterated an Outperform rating and $66.00 price target on Global Blood Therapeutics (NASDAQ: GBT) after hosting a dinner with management. In Wedbush's view, it is clear FDA is interested in manifestation of sickle cell disease beyond VOC; we see the patient panel the agency hosted in 2014 as a clear indicator of this. Part of the discussion on pivotal study plans was on inclusion criteria and rate of enrollment. The company would like to make a study as broad as possible, not focusing on those with 3+ crises as hydroxyurea did.
Analyst Heather Behanna commented, "We hosted a dinner for Global Blood management to get an idea of the evolving thoughts on a pivotal trial design for its hemoglobin modulator, GBT440, since presenting positive data at the EHA conference in June. We continue to expect a pivotal study to focus on vaso-occlusive crisis (VOC); however, the company is working on other measures, such as a patient reported outcome (PRO), that we believe could be incorporated into the study depending on time to validate the instrument. We expect 900 mg 90 day data at ASH this December; we note that in contrast to prior cohorts, patients have an option to stay on drug, allowing for longer term follow up and a better idea of whether or not response increases or plateaus over time. In our view, GBT440 is a compound that can significantly decrease sickling of red blood cells and has potential to improve patient outcomes. We believe that with a VOC study generally assumed, there is little downside to the announcement of a pivotal trial design; we recommend shares ahead of FDA clarity and ASH data."
Shares of Global Blood Therapeutics closed at $20.00 yesterday.
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