Zacks Investment Research lowered shares of Global Blood Therapeutics (NASDAQ:GBT) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “Global Blood Therapeutics, Inc. is a biopharmaceutical company which is engaged in discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders. Its product candidate consists of GBT440 is an oral, once-daily prophylactic therapy for sickle cell disease which is in clinical trial. The company in addition to GBT is involved in research and development activities targeted hypoxemic pulmonary disorders, including idiopathic pulmonary fibrosis and hereditary angioedema. Global Blood Therapeutics, Inc. is based in South San Francisco, California. “

GBT has been the topic of several other reports. Cantor Fitzgerald set a $96.00 target price on shares of Global Blood Therapeutics and gave the stock a buy rating in a research note on Tuesday, October 2nd. BidaskClub lowered shares of Global Blood Therapeutics from a hold rating to a sell rating in a research note on Wednesday, September 19th. HC Wainwright set a $125.00 target price on shares of Global Blood Therapeutics and gave the stock a buy rating in a research note on Thursday, September 13th. ValuEngine lowered shares of Global Blood Therapeutics from a strong-buy rating to a buy rating in a research note on Tuesday, October 2nd. Finally, JPMorgan Chase & Co. reissued a buy rating and set a $75.00 target price on shares of Global Blood Therapeutics in a research note on Sunday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $79.67.

NASDAQ GBT traded up $1.45 on Wednesday, hitting $33.02. 765,172 shares of the company were exchanged, compared to its average volume of 1,033,975. The firm has a market cap of $1.98 billion, a PE ratio of -11.96 and a beta of 4.33. Global Blood Therapeutics has a 12 month low of $29.95 and a 12 month high of $68.05.

Global Blood Therapeutics (NASDAQ:GBT) last issued its earnings results on Thursday, August 2nd. The company reported ($0.78) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.87) by $0.09. During the same quarter in the prior year, the business earned ($0.55) EPS. As a group, equities analysts anticipate that Global Blood Therapeutics will post -3.38 EPS for the current year.

In other Global Blood Therapeutics news, insider Lesley Ann Calhoun sold 2,004 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $49.89, for a total value of $99,979.56. Following the transaction, the insider now directly owns 1,342 shares of the company’s stock, valued at $66,952.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Daiwa SB Investments Ltd. lifted its stake in shares of Global Blood Therapeutics by 5.8% in the third quarter. Daiwa SB Investments Ltd. now owns 34,521 shares of the company’s stock valued at $1,312,000 after buying an additional 1,891 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Global Blood Therapeutics by 25.1% in the second quarter. Northern Trust Corp now owns 602,689 shares of the company’s stock valued at $27,241,000 after purchasing an additional 121,043 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Global Blood Therapeutics by 6.9% in the second quarter. Bank of New York Mellon Corp now owns 236,471 shares of the company’s stock valued at $10,689,000 after purchasing an additional 15,211 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Global Blood Therapeutics by 646.9% in the second quarter. California Public Employees Retirement System now owns 57,645 shares of the company’s stock valued at $2,606,000 after purchasing an additional 49,927 shares during the last quarter. Finally, Nexthera Capital LP raised its holdings in shares of Global Blood Therapeutics by 28.2% in the second quarter. Nexthera Capital LP now owns 404,092 shares of the company’s stock valued at $18,265,000 after purchasing an additional 88,945 shares during the last quarter. 98.79% of the stock is currently owned by hedge funds and other institutional investors.

About Global Blood Therapeutics

Global Blood Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities. It is developing its lead product candidate, voxelotor, an oral, once-daily therapy for sickle cell disease (SCD). The company is evaluating voxelotor in SCD in a Phase III clinical trial in adult and adolescent patients with SCD.

Featured Article: How is inflation measured?

Get a free copy of the Zacks research report on Global Blood Therapeutics (GBT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Global Blood Therapeutics (NASDAQ:GBT)

Receive News & Ratings for Global Blood Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Blood Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.