UPDATE: Wolfe Research Starts Global Blood Therapeutics (GBT) at Outperform
- Tech stocks push S&P 500 to record close, buoy Nasdaq
- U.S. Calls for Pause of J&J (JNJ) Vaccine After Clotting Cases, Including One Death
- Biggest SPAC Deal Ever: Grab To Go Public in a $40 Billion Merger With Altimeter (AGC), Backed by Fidelity and BlackRock
- Oil rises after robust China data but J&J vaccine pause weighs
- Bitcoin (BTC) Price Soars 5% to Fresh Record Highs Ahead of Coinbase IPO
Wolfe Research analyst Akash Tewari initiates coverage on Global Blood Therapeutics (NASDAQ: GBT) with a Outperform rating and a price target of $67.00.
The analyst comments "The stock is heavily affected by the impact of COVID on the Oxbryta launch. Current price is baked in less than ~$0.63B Oxbryta peak sales and zero credit for the pipeline. We believe the Oxbryta revs growth will resume in 2H21 and future market remains intact ($1.2B peak). More importantly, we don’t see material threats from competitors in the field. Lastly, we are optimistic about its next gen Oxbryta GBT601 because it has best-in-class preclinical data and could be functional curative, which we haven’t baked into our valuation currently."
Shares of Global Blood Therapeutics closed at $41.52 yesterday.
You May Also Be Interested In
- Global Blood Therapeutics (GBT) Sickle Cell Survey Shows Slowly Improving InPatient Visits - Stifel
- Air Canada (AC:CN) (ACDVF) PT Lowered to Cdn$29 at Scotiabank
- UPDATE: Wedbush Assumes Alphabet (GOOGL) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!