Wells Fargo & Company downgraded shares of Global Blood Therapeutics (NASDAQ:GBT – Get Rating) from an overweight rating to an equal weight rating in a report published on Tuesday, The Fly reports. The firm currently has $68.50 price target on the stock, up from their prior price target of $66.00.

A number of other research firms have also recently commented on GBT. Canaccord Genuity Group upgraded Global Blood Therapeutics from a hold rating to a buy rating and upped their price target for the stock from $40.00 to $72.00 in a research note on Monday. Stifel Nicolaus reiterated a hold rating on shares of Global Blood Therapeutics in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on Global Blood Therapeutics from $39.00 to $36.00 and set a neutral rating on the stock in a research note on Tuesday, June 28th. William Blair cut Global Blood Therapeutics from an outperform rating to a market perform rating in a research note on Monday. Finally, Cowen cut Global Blood Therapeutics to a market perform rating and increased their price objective for the company from $67.00 to $68.50 in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Global Blood Therapeutics currently has an average rating of Hold and a consensus target price of $65.04.

Global Blood Therapeutics Stock Down 0.0 %

NASDAQ:GBT opened at $66.59 on Tuesday. The company has a quick ratio of 7.74, a current ratio of 8.52 and a debt-to-equity ratio of 4.34. The stock's fifty day moving average is $32.87 and its two-hundred day moving average is $31.36. Global Blood Therapeutics has a 52 week low of $21.65 and a 52 week high of $73.02. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -13.67 and a beta of 0.83.

Insider Activity at Global Blood Therapeutics

In other Global Blood Therapeutics news, Director Philip A. Pizzo sold 1,260 shares of the firm's stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $27.25, for a total transaction of $34,335.00. Following the transaction, the director now owns 9,112 shares of the company's stock, valued at $248,302. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Global Blood Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in GBT. Allspring Global Investments Holdings LLC purchased a new position in shares of Global Blood Therapeutics during the fourth quarter worth about $1,092,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Global Blood Therapeutics by 18.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,871 shares of the company's stock worth $1,343,000 after buying an additional 7,099 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Global Blood Therapeutics in the fourth quarter valued at about $332,000. DekaBank Deutsche Girozentrale lifted its position in Global Blood Therapeutics by 2.8% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 22,050 shares of the company's stock valued at $659,000 after purchasing an additional 600 shares during the period. Finally, Banque Pictet & Cie SA acquired a new stake in Global Blood Therapeutics in the fourth quarter valued at about $1,293,000.

Global Blood Therapeutics Company Profile

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Global Blood Therapeutics, Inc, a biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities with sickle cell disease (SCD). The company offers Oxbryta tablets, an oral, once-daily therapy for SCD. It also evaluates the safety and pharmacokinetics of single and multiple doses of Oxbryta in a Phase II a clinical trial of adolescent and pediatric patients with SCD.

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