Global Blood Therapeutics Inc. (NASDAQ: GBT) Seen Running Too Hot, Let’s Look At This More Closely

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Fidelity Management & Research Co. recently announced the acquisition of new stake in Global Blood Therapeutics Inc. (NASDAQ:GBT). The institutional investor has increased its shareholding in the Healthcare company by 70.08% to 6.18 million shares with purchase of 2.55 million shares. This fresh investment now brings its stake to 10.15% valued currently at $390.37 million. In addition, Perceptive Advisors LLC raised its holdings by 0.2 million to 6.07 million shares. And The Vanguard Group, Inc. has lifted its position by 0.15% or 8038.0 shares – to 5.36 million shares.

With over 0.55 million Global Blood Therapeutics Inc. (GBT) shares trading Friday and a closing price of $74.49 on the day, the dollar volume was approximately $41.09 million. The shares have shown a positive weekly performance of 4.74% and its price on 07/17/20 gained nearly 2.67%. Currently, there are 60.79M common shares owned by the public and among those 53.48M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for GBT have a consensus price objective of $107.00. The analysts have set the share’s price value over the next 12 months at a high of $150.00 and a low of $60.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Global Blood Therapeutics Inc. stock is 1.80 for the next 12 months. The average price target is 31.23% above its last price level and an upside to the estimated low will see the stock lose -24.15% over that period. But an upside of 50.34% will see the stock hit the forecast high price target while mean target price for the stock is $103.00.

Insiders at the company have transacted a total of 167 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 77 of these insider trades were purchases, accounting for 474,191 shares. Insider sales of the common stock occurred on 90 occasions, with total insider shares sold totaling 547,099 shares.

The top 3 mutual fund holders in Global Blood Therapeutics Inc. are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and Fidelity Select Port. – Biotechno. Vanguard Total Stock Market Index owns 1.75 million shares of the company’s stock, all valued at over $110.68 million. The company bought an additional 93559.0 shares recently to bring their total holdings to about 2.88% of the shares outstanding. Vanguard Small Cap Index Fund bought 42376.0 shares to see its total holdings expand to 1.53 million shares valued at over $96.37 million and representing 2.51% of the shares outstanding. Fidelity Select Port. – Biotechno now owns shares totaling to 1.97% of the shares outstanding.

Shares of Global Blood Therapeutics Inc. (NASDAQ: GBT) opened at $73.21, up $0.66 from a prior closing price of $72.55. However, the script later closed the day at $74.49, up 2.67%. The company’s stock has a 5-day price change of 4.74% and 5.58% over the past three months. GBT shares are trading -6.29% year to date (YTD), with the 12-month market performance up to 29.57% higher. It has a 12-month low price of $39.95 and touched a high of $87.54 over the same period. Currently, 0.55 million shares have been traded, compared to an average intraday trading volume of 930.64K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.65%, 8.22%, and 14.29% respectively.

Institutional ownership of Global Blood Therapeutics Inc. (NASDAQ: GBT) 60.79M shares outstanding. Mutual fund holders own 48.54%, while other institutional holders and individual stakeholders account for 59.75% and 15.81% respectively.

It has a market capitalization of $4.42B and a beta (3y monthly) value of 1.90. The earnings-per-share (ttm) stands at -$4.88. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.70% over the week and 4.94% over the month.

Analysts forecast that Global Blood Therapeutics Inc. (GBT) will achieve an EPS of -$1.16 for the current quarter, -$1.11 for the next quarter and -$2.59 for 2021. The lowest estimate earnings-per-share for the quarter is -$1.34 while analysts give the company a high EPS estimate of -$0.94. Comparatively, EPS for the current quarter was -$1.01 a year ago. Earnings per share for the fiscal year are expected to decrease by -34.30%, and 42.10% over the next financial year. EPS should grow at an annualized rate of 37.00% over the next five years, compared to -33.20% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Global Blood Therapeutics Inc. (GBT) as a “Strong Buy” at a consensus score of 1.80. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 3 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the GBT, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on July 13, 2020, with the firm’s price target at $92. Goldman coverage for the Global Blood Therapeutics Inc. (GBT) stock in a research note released on July 01, 2020 offered a Buy rating with a price target of $103. Stifel was of a view on April 28, 2020 that the stock is Buy, while SunTrust gave the stock Hold rating on January 31, 2020, issuing a price target of $110- $75. Cantor Fitzgerald on their part issued Overweight rating on November 25, 2019.

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