Needham & Company LLC initiated coverage on shares of Global Blood Therapeutics, Inc. (NASDAQ:GBT) in a research report sent to investors on Wednesday, Marketbeat.com reports. The brokerage issued a buy rating and a $51.00 price objective on the stock.

GBT has been the topic of a number of other research reports. Morgan Stanley reiterated an overweight rating on shares of Global Blood Therapeutics in a research report on Tuesday, July 11th. BidaskClub cut Global Blood Therapeutics from a hold rating to a sell rating in a research report on Wednesday, July 19th. ValuEngine cut Global Blood Therapeutics from a hold rating to a sell rating in a research report on Saturday, June 3rd. Oppenheimer Holdings, Inc. started coverage on Global Blood Therapeutics in a research report on Friday, August 4th. They issued an outperform rating and a $53.00 target price on the stock. Finally, Wedbush reiterated an ourperform rating and issued a $73.00 target price on shares of Global Blood Therapeutics in a research report on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the stock. Global Blood Therapeutics currently has a consensus rating of Buy and an average target price of $49.84.

Shares of Global Blood Therapeutics (NASDAQ GBT) opened at 28.50 on Wednesday. The stock has a 50 day moving average of $27.87 and a 200 day moving average of $30.05. Global Blood Therapeutics has a 12-month low of $13.35 and a 12-month high of $41.15. The company’s market cap is $1.24 billion.

Global Blood Therapeutics (NASDAQ:GBT) last posted its quarterly earnings results on Monday, August 7th. The company reported ($0.55) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.06. During the same period last year, the company posted ($0.58) earnings per share. On average, equities analysts expect that Global Blood Therapeutics will post ($2.44) earnings per share for the current fiscal year.

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In other news, insider Jung Choi sold 3,000 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $30.00, for a total transaction of $90,000.00. Following the sale, the insider now directly owns 143,255 shares in the company, valued at $4,297,650. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Deval L. Patrick sold 27,053 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $29.69, for a total value of $803,203.57. Following the sale, the director now owns 12,053 shares in the company, valued at $357,853.57. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,053 shares of company stock worth $983,204. Company insiders own 5.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in GBT. BNP Paribas Arbitrage SA grew its holdings in shares of Global Blood Therapeutics by 694.9% during the second quarter. BNP Paribas Arbitrage SA now owns 4,547 shares of the company’s stock worth $124,000 after purchasing an additional 3,975 shares during the last quarter. Great West Life Assurance Co. Can bought a new stake in shares of Global Blood Therapeutics during the first quarter worth about $129,000. Asset Management One Co. Ltd. bought a new stake in shares of Global Blood Therapeutics during the first quarter worth about $130,000. Legal & General Group Plc grew its holdings in shares of Global Blood Therapeutics by 10.1% during the first quarter. Legal & General Group Plc now owns 4,816 shares of the company’s stock worth $178,000 after purchasing an additional 440 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Global Blood Therapeutics during the second quarter worth about $211,000. Institutional investors own 86.07% of the company’s stock.

About Global Blood Therapeutics

Global Blood Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in discovering, developing and commercializing therapeutics to treat blood-based disorders. The Company is developing its initial product candidate, GBT440, as an oral, once-daily therapy for sickle cell disease (SCD).

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

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