UPDATE: Wolfe Research Starts Global Blood Therapeutics (GBT) at Outperform

March 11, 2021 4:55 PM EST
Get Alerts GBT Hot Sheet
Price: $40.18 +0.53%

Rating Summary:
    19 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 52
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(Updated - March 11, 2021 4:58 PM EST)

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."

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 $41.52 yesterday.

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