Global Blood Therapeutics (NASDAQ:GBT) news for Friday includes poor results from its third-quarter earnings report sending GBT stock lower. The bad news starts with losses per share of 97 cents. That misses Wall Street’s 72 cents per share estimate. The company’s revenue of $36.89 million also failed to reach analysts’ estimates of $45 million.
Here’s what else is worth noting about the Global Blood Therapeutics earnings news.
- Adjusted per-share losses are 9.3% better than the $1.07 reported during the same time last year.
- Operating loss for the quarter is sitting at $58.31 million.
- That’s a 15.2% improvement over the company’s operating loss of $68.74 million from the third quarter of 2019.
- The Global Blood Therapeutics earnings report also has its net loss coming in at $59.88 million.
- This is a 7.2% narrower net loss than the $64.55 million reported in the same period of the year prior.
The poor news from the Global Blood Therapeutics earnings report resulted in it being hit with downgrades from a couple of analysts today. Starting off is a lower price target from Morgan Stanley. This drops the price target for GBT stock from $68 per share to $67 per share.
Raymond James dropped its rating for GBT stock from outperform to a new market perform rating. The reason behind the drop was concerns about Oxbryta, its sickle cell disease drug. Raymond James analysts are unsure if the treatment can reach blockbuster status with lagging sales.
GBT stock was down 35.7% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
