Global Blood Therapeutics price target raised to $104 from $96 at Wells Fargo
Wells Fargo analyst Jim Birchenough raised his price target for Global Blood Therapeutics to $104 from $96 following the company's Analyst and Investor Day and ahead of expected approval of hemoglobin modifier voxelotor for sickle cell disease. Overall, the analyst came away from the investor update with increasing confidence in voxelotor opportunity in SCD, ability to position favorably against available and emerging options, to penetrate substantially into a meaningful patient segment and to gain full reimbursement within the first year of launch. Birchenough believes consensus estimates for 2020 contemplate appropriately time to gain reimbursement and sees upside potential to $1.4B consensus in 2024. He reiterates an Outperform rating on the shares.