Thu. 7 Oct 2021, 10:44am ETBenzinga
In: Biotech, Long Ideas, News, Health Care, Price Target, Initiation, Small Cap, Analyst Ratings, Movers, Trading Ideas, General
- Jefferies initiated coverage of Global Blood Therapeutics Inc (NASDAQ:GBT) with a Buy rating and $68 price target. The analyst sees an upside of almost 145%.
- Oxbryta's implied sickle cell disease (SCD) market share is only 5%-6% at the stock's current valuation.
- Still, analyst Akash Tewari sees a 22% share and models $1.1 billion in peak sales for the drug in that indication.
- Related: Global Blood's Sickle Cell Medicine Under FDA Review For Expanded Use.
- Meanwhile, Tewari calls GBT601 "the most promising preclinical candidate in development for SCD" and sees both valuation and timing making the stock "a top pick heading into ASH," the analyst said.
- Related: Global Blood Shoots 17% Higher As Q2 Earnings Beat Estimates; Analyst Upgrades Stock.
- Price Action: GBT stock is up 9.96% at $27.94 during the market session on the last check Thursday.