Global Blood Therapeutics selloff today is overdone, says Piper Jaffray

Piper Jaffray analyst Danielle Brill says that after further clarification from Global Blood Therapeutics, today's Voxelotor data, particularly for vaso-occlusive crises, appear even more in-line relative to what was previously reported. As such, the analyst views today's update as a non-event and the corresponding share selloff as overdone. Global Blood's new drug application submission remains on track for the second half of 2019, Brill tells investors in an afternoon research note. She still expects accelerated approval of Voxelotor by the first half of 2020 with no FDA advisory panel meeting. Brill keeps an Overweight rating on Global Blood Therapeutics with an $80 price target. The stock in afternoon trading is down 7% to $53.42.