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Traders Purchase High Volume of Put Options on Global Blood Therapeutics (NASDAQ:GBT)

Wednesday, September 16, 2020 | MarketBeat

Global Blood Therapeutics Inc (NASDAQ:GBT) saw some unusual options trading on Wednesday. Investors acquired 4,065 put options on the stock. This represents an increase of 290% compared to the average volume of 1,042 put options.

Several research firms have issued reports on GBT. Stifel Nicolaus raised their price target on shares of Global Blood Therapeutics from $113.00 to $118.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Canaccord Genuity restated a "hold" rating on shares of Global Blood Therapeutics in a report on Thursday, June 25th. Piper Sandler restated a "buy" rating and issued a $120.00 price target on shares of Global Blood Therapeutics in a report on Wednesday, July 29th. Oppenheimer reiterated a "buy" rating and set a $101.00 price objective on shares of Global Blood Therapeutics in a research note on Monday, June 15th. Finally, Wedbush lifted their price objective on shares of Global Blood Therapeutics from $145.00 to $152.00 in a research note on Tuesday, August 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have assigned a buy rating to the stock. Global Blood Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $106.71.

In related news, Director Dawn Svoronos sold 2,544 shares of Global Blood Therapeutics stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $63.94, for a total value of $162,663.36. Following the sale, the director now directly owns 4,800 shares in the company, valued at $306,912. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Eric Fink sold 2,454 shares of Global Blood Therapeutics stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.62, for a total value of $170,847.48. Following the completion of the sale, the insider now owns 950 shares in the company, valued at $66,139. The disclosure for this sale can be found here. Insiders sold a total of 20,206 shares of company stock worth $1,474,111 over the last quarter. Company insiders own 4.20% of the company's stock.

A number of institutional investors have recently added to or reduced their stakes in GBT. Janus Henderson Group PLC boosted its holdings in Global Blood Therapeutics by 51.9% in the first quarter. Janus Henderson Group PLC now owns 4,553,981 shares of the company's stock worth $232,662,000 after purchasing an additional 1,555,086 shares during the period. Capital World Investors boosted its holdings in Global Blood Therapeutics by 210.7% in the first quarter. Capital World Investors now owns 1,452,448 shares of the company's stock worth $74,206,000 after purchasing an additional 984,928 shares during the period. FMR LLC boosted its holdings in Global Blood Therapeutics by 9.2% in the second quarter. FMR LLC now owns 9,140,454 shares of the company's stock worth $577,038,000 after purchasing an additional 772,248 shares during the period. TimesSquare Capital Management LLC boosted its holdings in Global Blood Therapeutics by 130.9% in the second quarter. TimesSquare Capital Management LLC now owns 1,263,710 shares of the company's stock worth $79,778,000 after purchasing an additional 716,460 shares during the period. Finally, Great Point Partners LLC acquired a new position in Global Blood Therapeutics in the second quarter worth $34,229,000.

Shares of GBT stock traded down $0.53 during mid-day trading on Wednesday, reaching $53.65. 7,195 shares of the company were exchanged, compared to its average volume of 892,174. The company has a market capitalization of $3.32 billion, a P/E ratio of -11.48 and a beta of 1.75. The business's 50 day simple moving average is $62.68 and its 200 day simple moving average is $65.15. The company has a debt-to-equity ratio of 0.31, a quick ratio of 8.17 and a current ratio of 8.56. Global Blood Therapeutics has a fifty-two week low of $39.95 and a fifty-two week high of $87.54.

Global Blood Therapeutics (NASDAQ:GBT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.86) EPS for the quarter, topping analysts' consensus estimates of ($1.18) by $0.32. The business had revenue of $31.50 million during the quarter, compared to analyst estimates of $18.85 million. On average, analysts forecast that Global Blood Therapeutics will post -3.42 EPS for the current year.

Global Blood Therapeutics Company Profile

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.

Further Reading: Cost of Capital Explained

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