RBC Capital Steps Aside on Global Blood Therapeutics (GBT), 'Oxbryta Beat Confirms Value; With Solid Outcome'

August 8, 2022 4:19 PM EDT
Get Alerts GBT Hot Sheet
Price: $68.49 --0%

Rating Summary:
    12 Buy, 15 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 16 | New: 15
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RBC Capital analyst Gregory Renza downgraded Global Blood Therapeutics (NASDAQ: GBT) from Outperform to Sector Perform with a price target of $68.50 (from $60.00).

The analyst comments "Srong Oxbryta revenue beat for 2Q22 and the PFE acquisition underscore the strong fundamentals and value of the SCD platform at GBT, as well as the attractiveness of a safe and efficacious chronic therapy in the SCD space. We had the opportunity to speak to PFE and GBT management teams for additional color. Based on the newly-announced acquisition by PFE, which we believe is highly likely to go through, we are downgrading shares to Sector Perform, adjusting our target to $68.50 to align to the $68.50/share deal price reflecting a $5.4B EV."

For an analyst ratings summary and ratings history on Global Blood Therapeutics click here. For more ratings news on Global Blood Therapeutics click here.

Shares of Global Blood Therapeutics closed at $63.84 yesterday.

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