Global Blood Therapeutics Inc (NASDAQ:GBT) dropped 5.1% on Monday after an insider sold shares in the company. The company traded as low as $57.25 and last traded at $57.72. Approximately 746,681 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,257,703 shares. The stock had previously closed at $60.80.
Specifically, insider Jung Choi sold 3,000 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $36.55, for a total value of $109,650.00. Following the completion of the sale, the insider now owns 135,255 shares of the company’s stock, valued at approximately $4,943,570.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Perceptive Advisors Llc purchased 175,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was bought at an average cost of $38.00 per share, with a total value of $6,650,000.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 51,812 shares of company stock valued at $2,864,728. 5.30% of the stock is owned by insiders.
GBT has been the topic of several recent research reports. Zacks Investment Research raised shares of Global Blood Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, December 6th. Cowen reaffirmed a “buy” rating and set a $83.00 target price on shares of Global Blood Therapeutics in a research note on Thursday, November 9th. Wedbush reaffirmed an “outperform” rating and set a $73.00 target price on shares of Global Blood Therapeutics in a research note on Friday, December 15th. Nomura lifted their target price on shares of Global Blood Therapeutics to $91.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, Oppenheimer set a $79.00 target price on shares of Global Blood Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.27.
The stock has a market cap of $2,797.25, a PE ratio of -22.64 and a beta of 4.78.
Global Blood Therapeutics (NASDAQ:GBT) last announced its quarterly earnings results on Thursday, November 2nd. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.04). During the same quarter in the previous year, the business earned ($0.58) EPS. equities research analysts expect that Global Blood Therapeutics Inc will post -2.53 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in GBT. Jane Street Group LLC acquired a new position in Global Blood Therapeutics in the third quarter valued at about $200,000. Trexquant Investment LP acquired a new position in Global Blood Therapeutics in the third quarter valued at about $202,000. Dynamic Technology Lab Private Ltd acquired a new position in Global Blood Therapeutics in the third quarter valued at about $205,000. Raymond James Financial Services Advisors Inc. acquired a new position in Global Blood Therapeutics in the third quarter valued at about $230,000. Finally, First Republic Investment Management Inc. acquired a new position in Global Blood Therapeutics in the third quarter valued at about $237,000. 85.67% of the stock is currently owned by hedge funds and other institutional investors.
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).
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