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.
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