Global Blood Shoots 17% Higher As Q2 Earnings Beat Estimates; Analyst Upgrades Stock

Global Blood Therapeutics Inc GBT reported Q2 Oxbryta (voxelotor) sales of $47.55 million, +51% Y/Y, beating the consensus of $43.84 million. On a sequential basis, sales increased 22%, primarily driven by patient demand.
Oxbryta (voxelotor) is an oral, once-daily therapy for sickle cell disease (SCD) patients. Oxbryta works by increasing hemoglobin's affinity for oxygen.
GBT recorded approximately 925 new prescriptions for Oxbryta in Q2. It believes if the pandemic subsides in the second half of 2021, the number of new prescriptions will improve incrementally.
Q2 EPS loss increased to $(1.12) from $(0.86) a year ago, but below the consensus of $(1.19).
Cash, cash equivalents, and marketable securities totaled $437.4 million.
Truist Securities upgraded Global Blood Therapeutics to Buy and raised the price target to $50 (upside of almost 60%).
Price Action: GBT shares are up 17.2% at $31.51 during the market session on the last check Wednesday.