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Global Blood Therapeutics, Inc.NasdaqGS:GBT Stock Report

Market Cap US$4.6b
Share Price
n/a
1Y169.5%
7D0.6%
1D0.01%
Portfolio Value
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Global Blood Therapeutics, Inc.

NasdaqGS:GBT Stock Report

Market Cap: US$4.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Global Blood Therapeutics (GBT) Stock Overview

Global Blood Therapeutics, Inc., a biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities with sickle cell disease (SCD). More details

GBT fundamental analysis
Snowflake Score
Valuation4/6
Future Growth5/6
Past Performance0/6
Financial Health2/6
Dividends0/6

Rewards

Trading at 65% below our estimate of its fair value

Earnings are forecast to grow 66.18% per year

Risk Analysis

Significant insider selling over the past 3 months

Shareholders have been diluted in the past year

Volatile share price over the past 3 months


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Global Blood Therapeutics, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Global Blood Therapeutics
Historical stock prices
Current Share PriceUS$68.49
52 Week HighUS$73.02
52 Week LowUS$21.65
Beta0.46
1 Month Change1.02%
3 Month Change98.98%
1 Year Change169.54%
3 Year Change45.26%
5 Year Change106.30%
Change since IPO58.87%

Recent News & Updates

Seeking Alpha • Sep 30

Global Blood Therapeutics expects to complete Pfizer deal in early October

Global Blood Therapeutics (NASDAQ:GBT) expects to consummate its $5.4B deal with Pfizer (NYSE:PFE) on Oct. 5, the sickle cell disease drugmaker said in a regulatory filing on Friday. Pfizer (PFE) in early Aug. said it had agreed to buy GBT, with an aim to get a foothold in the sickle cell disease market, where it previously failed with its own drug. "As a result of the adoption by GBT stockholders of the Merger Agreement, the Merger is expected to be consummated on October 5, 2022 prior to market open, subject to the satisfaction of the remaining closing conditions," Global Blood Therapeutics (GBT) said in the filing.  GBT stock earlier closed marginally higher at $68.10, 0.6% lower than Pfizer's (PFE) $68.50 per share price for the company.
Seeking Alpha • Sep 16

Global Blood Therapeutics: Pfizer Acquisition Signals Increasing M/A Deals

Summary After a slow first half, merger and acquisition deals are heating up for the remainder of 2022. In the efforts to boost its presence in rare hematology, Pfizer recently announced it is acquiring Global Blood Therapeutics for $5.4B. Global Blood Therapeutics has several intriguing molecules that could garner blockbuster sales for Pfizer in the coming years. GBT Price is what you pay. Value is what you get. - Warren Buffett When you invest in biotech, it's exciting to see your company getting acquired. After all, the acquisition price is usually at a premium to the market valuation. That being said, there were a good number of stocks that I have covered over the years that got bought out. Don't nail me at the stake here. I'm not bragging. Instead, I want to show you that investing in high-quality fundamental stocks usually rewards you via either a merger and acquisition (i.e., M/A) or an organic share price appreciation in the long run. In this article, I'll feature a fundamental analysis on the recent Global Blood Therapeutics, Inc. (GBT) acquisition by Pfizer (PFE). I hope that you'll pick out nuggets in this article to assist you in forecasting other upcoming deals. Figure 1: GBT chart StockCharts About The Company As usual, I'll deliver a brief corporate overview for new investors. If you are familiar with the firm, I suggest that you skip to the subsequent section. I noted in the prior article: Operating out of San Francisco, California, GBT is focused on the development and commercialization of novel medicines to serve the unmet needs of the debilitating blood disorder coined sickle cell disease ("SCD"). Notably, GBT already launched Oxbryta in the U.S. for adults and kids (age 4-11) suffering from SCD. In February 2022, GBT also received Oxbryta's marketing authorization in the European Union (i.e., EU) for kids in the same age group. Figure 2: Therapeutic pipeline GBT Tracking GBT Investment Thesis As you know, it's important to place your stocks into their appropriate investment categories. That way, you can better track their development and progress. On this note, I classified GBT as a "growth biotech" that is still in its aggressive growth phase. As the crown jewel of the pipeline, Oxbryta was launched in the past few years. Being a prudent growth company, GBT continues to expand Oxbryta's label as well as penetrating into additional markets. Of note, the most recent advancement is the label expansion to serve kids. To track GBT's growth story, you want to follow the sales growth to see if the company can continue to ramp up Oxbryta sales. That aside, you want to follow on other pipeline drugs (i.e., inclacumab and GBT601) to ascertain that they are catered for related conditions, i.e., blood disorders. Here, you should look for additional regulatory approvals and more market penetration for those assets. So long as that story remains the same, you can hold GBT indefinitely for multiple-fold gains. The other "exit situation" is when the company can get bought out. As you know, that is the main focus on this article. Mergers & Acquisition On August 08, Pfizer announced that the company would acquire GBT for $5.4B (i.e. at $68.50 per share). The move is to enhance Pfizer's presence in rare hematology. That is to say, Pfizer is poised to strengthen its rare blood diseases portfolio. Accordingly, Pfizer estimated that GBT's portfolio along with other pipeline assets would garner another $3B in annual sales. As Pfizer is a global powerhouse with its vast sales/marketing team, you can project that the firm would fully unlock the value of GBT's drugs. Metric #1: Favorable M/A Environment Now, let us analyze the factors conducive to this acquisition. That way, we can employ similar metrics to size up other potential buyouts. The first criteria that I look at is a favorable market environment. As you can see, the biotech market (and the stock market in general) have been in steep decline for the past two years. Keep in mind that despite the recent biotech resurgence, many bio-equities are still trading at a deep bargain to their intrinsic value. The fact that many potential acquisition targets are trading far below their true worth should entice more acquisitions. If you put yourself in the shoes of the acquirer, would you prefer to pick up the same company at a steep discount? I know I would. Viewing the current M/A environment, you are likely to see more deals going toward yearend as well as next year. As you can see, my sentiment resonates with the Big Four accounting firm (i.e., PwC). Specifically, PwC stated that M/A biotech deals are expected to pick up robustly in 2H2022. According to a PwC research report, All of the stars are aligned for there to be a flurry of deals activity across all areas of the sector despite the slow start to the year so far. Many large pharma players are flush with cash (particularly those that have COVID-19 treatments in their arsenal), biotech valuations have been normalizing after years of a boom market and the 2025 patent cliff is rapidly approaching, all making for a strong deal environment. Figure 3: Notable 2022 biotech deals PwC Metric #2: Premium Acquisition Price Asides from the acquirer (i.e., Pfizer), you have to view the aforesaid deal in the eyes of the buyout target (i.e., GBT). For the Board of Directors to agree to sell the company, they demand a premium price. At $5.4B (i.e., at $68.50 per share), Pfizer bought GBT at over 40% premium to the stock's pre-deal valuation. Figure 4: Premium acquisition price Seeking Alpha As you can imagine, it makes sense for GBT to request for a premium acquisition valuation. After all, the Board and shareholders won't approve the deal if the price is not right. As you recall, Pfizer estimated that the GBT should deliver roughly $3B in annual sales. If you put $3B in sales against the $5.4B in buyout price, you're looking at the projected price/sales ratio of 1.8. At that valuation metric, Pfizer is getting a great deal. Nevertheless, I believe that the +40% premium and the ability of Pfizer to fully unlock the value of Oxbryta/other GBT's assets justifies the acquisition. Metric #3: Portfolio Additive And/Or Synergy While most buyout situations are proposed to deliver pipeline synergy, the actual results tend to be value added (i.e., additive). In other words, creating synergy is extremely difficult. Therefore, a company typically gets additive value. From the figure below, you can appreciate that Pfizer is focused on rare diseases. Of those orphan conditions, Pfizer is dedicated to the innovation and commercialization of drugs to manage SCD. Figure 5: Pfizer's focus on rare diseases Pfizer Given that GBT is a powerhouse innovator of therapeutics for SCD, there is at least value added (if not, synergy) with this union. Of the $27.7B in quarterly revenues that Pfizer procured in rare diseases, that account for the total of 3% of Pfizer's sales. As the company ramps up Oxbryta sales (as well as future launch for GBT601 and inclacumab), I believe that its rare disease portfolio would jump to at least 5% of total sales. Commenting on the M/A, the Chairman and CEO of Pfizer (Albert Bourla) enthused: ... We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community (i.e., SCD). The deep market knowledge and scientific and clinical capabilities we have built over three decades in rare hematology will enable us to accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible. Figure 6: Pfizer's rare disease product sales Pfizer Notably, Oxbryta is already generating $195M for Fiscal 2021. By having access to Pfizer's powerful sales/marketing teams, GBT can now promptly send Oxbryta to many more patients afflicted by SCD. Consequently, you can expect Oxbryta revenue to hit around $500M annually in a year or two from now. Aside from Oxbryta's added value to Pfizer, you know that GBT601 (the oral, once-daily next-generation drug) is currently in a Phase 2/3 clinical study. On that front, the available data supports strong future clinical outcomes and thereby approval. Additionally, GBT has the P-selectin inhibitor (i.e., inclacumab) that is being assessed in a Phase 3 study. Since both inclacumab and GBT601 are "orphan drugs," they command a premium reimbursement to reward the lengthy and costly innovation process. Ultimately, that would enhance the profit margin for Pfizer while delivering hopes to patients on a much larger scale. Metric #4: Differentiating Characteristics As you can appreciate, the aforementioned metrics are important for an acquisition. Nevertheless, the most crucial one is the differentiating characteristics of GBT's medicines. In a nutshell, there has to be something unique about the target's medicine to entice an acquisition. The more different the drug, the more attractive it is to the acquirer.

Recent updates

Seeking Alpha • Sep 30

Global Blood Therapeutics expects to complete Pfizer deal in early October

Global Blood Therapeutics (NASDAQ:GBT) expects to consummate its $5.4B deal with Pfizer (NYSE:PFE) on Oct. 5, the sickle cell disease drugmaker said in a regulatory filing on Friday. Pfizer (PFE) in early Aug. said it had agreed to buy GBT, with an aim to get a foothold in the sickle cell disease market, where it previously failed with its own drug. "As a result of the adoption by GBT stockholders of the Merger Agreement, the Merger is expected to be consummated on October 5, 2022 prior to market open, subject to the satisfaction of the remaining closing conditions," Global Blood Therapeutics (GBT) said in the filing.  GBT stock earlier closed marginally higher at $68.10, 0.6% lower than Pfizer's (PFE) $68.50 per share price for the company.
Seeking Alpha • Sep 16

Global Blood Therapeutics: Pfizer Acquisition Signals Increasing M/A Deals

Summary After a slow first half, merger and acquisition deals are heating up for the remainder of 2022. In the efforts to boost its presence in rare hematology, Pfizer recently announced it is acquiring Global Blood Therapeutics for $5.4B. Global Blood Therapeutics has several intriguing molecules that could garner blockbuster sales for Pfizer in the coming years. GBT Price is what you pay. Value is what you get. - Warren Buffett When you invest in biotech, it's exciting to see your company getting acquired. After all, the acquisition price is usually at a premium to the market valuation. That being said, there were a good number of stocks that I have covered over the years that got bought out. Don't nail me at the stake here. I'm not bragging. Instead, I want to show you that investing in high-quality fundamental stocks usually rewards you via either a merger and acquisition (i.e., M/A) or an organic share price appreciation in the long run. In this article, I'll feature a fundamental analysis on the recent Global Blood Therapeutics, Inc. (GBT) acquisition by Pfizer (PFE). I hope that you'll pick out nuggets in this article to assist you in forecasting other upcoming deals. Figure 1: GBT chart StockCharts About The Company As usual, I'll deliver a brief corporate overview for new investors. If you are familiar with the firm, I suggest that you skip to the subsequent section. I noted in the prior article: Operating out of San Francisco, California, GBT is focused on the development and commercialization of novel medicines to serve the unmet needs of the debilitating blood disorder coined sickle cell disease ("SCD"). Notably, GBT already launched Oxbryta in the U.S. for adults and kids (age 4-11) suffering from SCD. In February 2022, GBT also received Oxbryta's marketing authorization in the European Union (i.e., EU) for kids in the same age group. Figure 2: Therapeutic pipeline GBT Tracking GBT Investment Thesis As you know, it's important to place your stocks into their appropriate investment categories. That way, you can better track their development and progress. On this note, I classified GBT as a "growth biotech" that is still in its aggressive growth phase. As the crown jewel of the pipeline, Oxbryta was launched in the past few years. Being a prudent growth company, GBT continues to expand Oxbryta's label as well as penetrating into additional markets. Of note, the most recent advancement is the label expansion to serve kids. To track GBT's growth story, you want to follow the sales growth to see if the company can continue to ramp up Oxbryta sales. That aside, you want to follow on other pipeline drugs (i.e., inclacumab and GBT601) to ascertain that they are catered for related conditions, i.e., blood disorders. Here, you should look for additional regulatory approvals and more market penetration for those assets. So long as that story remains the same, you can hold GBT indefinitely for multiple-fold gains. The other "exit situation" is when the company can get bought out. As you know, that is the main focus on this article. Mergers & Acquisition On August 08, Pfizer announced that the company would acquire GBT for $5.4B (i.e. at $68.50 per share). The move is to enhance Pfizer's presence in rare hematology. That is to say, Pfizer is poised to strengthen its rare blood diseases portfolio. Accordingly, Pfizer estimated that GBT's portfolio along with other pipeline assets would garner another $3B in annual sales. As Pfizer is a global powerhouse with its vast sales/marketing team, you can project that the firm would fully unlock the value of GBT's drugs. Metric #1: Favorable M/A Environment Now, let us analyze the factors conducive to this acquisition. That way, we can employ similar metrics to size up other potential buyouts. The first criteria that I look at is a favorable market environment. As you can see, the biotech market (and the stock market in general) have been in steep decline for the past two years. Keep in mind that despite the recent biotech resurgence, many bio-equities are still trading at a deep bargain to their intrinsic value. The fact that many potential acquisition targets are trading far below their true worth should entice more acquisitions. If you put yourself in the shoes of the acquirer, would you prefer to pick up the same company at a steep discount? I know I would. Viewing the current M/A environment, you are likely to see more deals going toward yearend as well as next year. As you can see, my sentiment resonates with the Big Four accounting firm (i.e., PwC). Specifically, PwC stated that M/A biotech deals are expected to pick up robustly in 2H2022. According to a PwC research report, All of the stars are aligned for there to be a flurry of deals activity across all areas of the sector despite the slow start to the year so far. Many large pharma players are flush with cash (particularly those that have COVID-19 treatments in their arsenal), biotech valuations have been normalizing after years of a boom market and the 2025 patent cliff is rapidly approaching, all making for a strong deal environment. Figure 3: Notable 2022 biotech deals PwC Metric #2: Premium Acquisition Price Asides from the acquirer (i.e., Pfizer), you have to view the aforesaid deal in the eyes of the buyout target (i.e., GBT). For the Board of Directors to agree to sell the company, they demand a premium price. At $5.4B (i.e., at $68.50 per share), Pfizer bought GBT at over 40% premium to the stock's pre-deal valuation. Figure 4: Premium acquisition price Seeking Alpha As you can imagine, it makes sense for GBT to request for a premium acquisition valuation. After all, the Board and shareholders won't approve the deal if the price is not right. As you recall, Pfizer estimated that the GBT should deliver roughly $3B in annual sales. If you put $3B in sales against the $5.4B in buyout price, you're looking at the projected price/sales ratio of 1.8. At that valuation metric, Pfizer is getting a great deal. Nevertheless, I believe that the +40% premium and the ability of Pfizer to fully unlock the value of Oxbryta/other GBT's assets justifies the acquisition. Metric #3: Portfolio Additive And/Or Synergy While most buyout situations are proposed to deliver pipeline synergy, the actual results tend to be value added (i.e., additive). In other words, creating synergy is extremely difficult. Therefore, a company typically gets additive value. From the figure below, you can appreciate that Pfizer is focused on rare diseases. Of those orphan conditions, Pfizer is dedicated to the innovation and commercialization of drugs to manage SCD. Figure 5: Pfizer's focus on rare diseases Pfizer Given that GBT is a powerhouse innovator of therapeutics for SCD, there is at least value added (if not, synergy) with this union. Of the $27.7B in quarterly revenues that Pfizer procured in rare diseases, that account for the total of 3% of Pfizer's sales. As the company ramps up Oxbryta sales (as well as future launch for GBT601 and inclacumab), I believe that its rare disease portfolio would jump to at least 5% of total sales. Commenting on the M/A, the Chairman and CEO of Pfizer (Albert Bourla) enthused: ... We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community (i.e., SCD). The deep market knowledge and scientific and clinical capabilities we have built over three decades in rare hematology will enable us to accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible. Figure 6: Pfizer's rare disease product sales Pfizer Notably, Oxbryta is already generating $195M for Fiscal 2021. By having access to Pfizer's powerful sales/marketing teams, GBT can now promptly send Oxbryta to many more patients afflicted by SCD. Consequently, you can expect Oxbryta revenue to hit around $500M annually in a year or two from now. Aside from Oxbryta's added value to Pfizer, you know that GBT601 (the oral, once-daily next-generation drug) is currently in a Phase 2/3 clinical study. On that front, the available data supports strong future clinical outcomes and thereby approval. Additionally, GBT has the P-selectin inhibitor (i.e., inclacumab) that is being assessed in a Phase 3 study. Since both inclacumab and GBT601 are "orphan drugs," they command a premium reimbursement to reward the lengthy and costly innovation process. Ultimately, that would enhance the profit margin for Pfizer while delivering hopes to patients on a much larger scale. Metric #4: Differentiating Characteristics As you can appreciate, the aforementioned metrics are important for an acquisition. Nevertheless, the most crucial one is the differentiating characteristics of GBT's medicines. In a nutshell, there has to be something unique about the target's medicine to entice an acquisition. The more different the drug, the more attractive it is to the acquirer.
Seeking Alpha • Aug 24

Pfizer said to have had bidding war with Johnson & Johnson for Global Blood

Pfizer (NYSE:PFE) is said to have been involved in a bidding war with Johnson & Johnson (NYSE:JNJ) to acquire Global Blood Therapeutics (NASDAQ:GBT) before Pfizer won with its $5.4 billion offer. Johnson & Johnson (JNJ) is the unidentified "Company A" in a regulatory filing from Friday, according to a Bloomberg report from late Tuesday. Earlier this month Pfizer (PFE) agreed to buy sickle cell disease drug maker Global Blood Therapeutics (GBT) for $68.50/share.
Seeking Alpha • Aug 08

What Pfizer Is Getting Through The Acquisition Of Global Blood Therapeutics

Pfizer will acquire Global Blood Therapeutics for $5.4 billion in cash or $68.50 per share. Pfizer is getting Oxbryta, a product with close to $300 million in annualized net sales and a decent pipeline focused on sickle cell disease. GBT601 has the potential to have improved efficacy compared to Oxbryta and inclacumab could offer better efficacy and convenience than Novartis' Adakveo. Pfizer is getting good value based on the peak sales and 5-year forward revenue multiples. Pfizer (PFE) will acquire Global Blood Therapeutics (GBT) for an enterprise value of $5.4 billion, or $68.50 per share. Pfizer is getting Oxbryta, a drug approved for the treatment of sickle cell disease, and a very decent pipeline also focused on the treatment of sickle cell disease. Pfizer believes that GBT's pipeline can generate more than $3 billion in worldwide peak annual sales, but to get there, it will certainly need to generate very strong data with GBT601, because Oxbryta and inclacumab are unlikely to come close to those levels, at least based on the to-date growth trends of Oxbryta and the to-date commercial success of inclacumab's competitor - Novartis' (NVS) Adakveo. COVID-19 was seen as a major roadblock to Oxbryta's uptake after the promising initial launch, but COVID-19 cases have waned and sales of Oxbryta have not recovered in a way that would make it a multi-billion blockbuster drug. But it still looks on its way to at least $1 billion in peak annual sales. Oxbryta net sales growth since launch (GBT earnings reports) On the other hand, I was and still am, very bullish on GBT601's prospects as it looks like a more potent drug than Oxbryta, and it can be dosed once a day and at a much lower dose that could reduce some of the gastrointestinal side effects of Oxbryta. We have seen little clinical data of GBT601 to date, but so far, it looks much better than Oxbryta. A single dose of GBT-601 achieved much higher hemoglobin occupancy in healthy volunteers compared to Oxbryta. Higher hemoglobin occupancy should result in better efficacy in SCD patients. Hemoglobin occupancy of GBT601 compared to Oxbryta (GBT investor presentation) There was also a small cohort of six SCD patients in the phase 1 trial and they received 50mg in the first treatment period and 100mg in the second treatment period as maintenance dosing that was preceded by two loading doses of 200mg and 300mg during the first treatment period and 400mg and 500mg during the second treatment period. After the second treatment period, hemoglobin occupancy in these six patients had reached 32.6% and this compares favorably to 26.5% Oxbryta achieved in the phase 3 trial. The company noted that dose-proportionality was observed from the first period with a 50mg maintenance dose to the second period with a 100mg maintenance dose. Hemoglobin occupancy of GBT601 in SCD patients (GBT investor presentation) This suggests a higher dose of GBT601 could drive hemoglobin occupancy even higher. And while the cohort was small, the higher hemoglobin occupancy resulted in a mean increase in hemoglobin of 2.3g/dL. That is double the 1.14g/dL hemoglobin increase of 1,500mg dose of Oxbryta achieved in the phase 3 HOPE trial in the phase 3 trial. GBT601 hemoglobin increase in SCD patients (GBT investor presentation) One issue Oxbryta has is the modest reduction in vaso-occlusive crisis ('VOC') episodes. There were 3 VOCs in 2 of the 6 SCD patients in the trial of GBT601. At the time the data were presented, management noted they do not expect GBT601 to reduce the rate of VOCs in the initial treatment period, but over time, and that hemoglobin occupancy in these two patients was the lowest at 19.7% and 24.5%, respectively. Overall, the preliminary hemoglobin occupancy and hemoglobin increase data look very encouraging and I believe GBT601 has the potential to be a significant improvement over Oxbryta. As such, I believe its peak sales potential is higher than Oxbryta's and that it could generate more than $2 billion in global peak annual sales. Of course, this will come at the expense of Oxbryta which GBT601 should completely cannibalize. The third potential product candidate is inclacumab, a P-selectin inhibitor. Novartis' Adakveo shares the mechanism of action to inclacumab, and it is approved to reduce the rate of VOCs in SCD patients. GBT believes inclacumab is a more potent P-selectin inhibitor and that it could be dosed every three months as opposed to the once-monthly dosing of Adakveo. Adakveo net sales growth (Novartis earnings reports) GBT has decided to run two phase 3 studies with inclacumab: The first study is for chronic VOC prevention, the same as Adakveo. The primary endpoint is the VOC rate after 48 weeks of treatment. 240 patients will be randomized 1:1 to inclacumab 30mg/kg and placebo every 12 weeks. The second study will focus on acute re-admission after VOC. The goal is to reduce re-admissions after the patient has already experienced a VOC and was hospitalized because of it. The primary endpoint of this study is the proportion of patients with at least one re-admission by day 90. This trial will enroll 280 participants with half receiving inclacumab 30mg/kg and the other half placebo. If both studies are successful, inclacumab would have a better data package than Adakveo which is only indicated for chronic use. As such, I believe inclacumab can generate between $300 million and $500 million in annual sales by the late 2020s.
Seeking Alpha • Jul 14

Global Blood Therapeutics to expand access to its sickle cell disease treatment in Brazil

Global Blood Therapeutics (NASDAQ:GBT) on Thursday said it had started an expanded access program (EAP) for its sickle cell disease treatment voxelotor in Brazil. An EAP allows medicines and drugs to be available before approval to treat a serious or life-threatening disease in patients with no alternative treatment option. Under the EAP, voxelotor will be available for the treatment of sickle cell disease in adults and children aged 12 years and older in Brazil. The drug will be supplied free of charge. The Brazilian drug regulator, ANVISA, has approved the EAP. "There are up to (100K) people estimated to have sickle cell disease in Brazil, yet there are no currently approved treatments that directly address the underlying cause of the disease," said GBT's executive VP and head of R&D Kim Smith-Whitley. GBT stock -1.5% at $34.81 in morning trading.
Seeking Alpha • Jun 29

GBT begins phase 2/3 clinical trial of GBT601 to treat sickle cell disease

Global Blood Therapeutics (NASDAQ:GBT) said on Wednesday it had begun the Phase 2 portion of a Phase 2/3 trial of its drug candidate GBT601, to treat sickle cell disease. The drug, GBT601, is a sickle hemoglobin (HbS) polymerization inhibitor and works by achieving higher hemoglobin levels and occupancy at a lower dose. "It has the potential to improve on the clinical results achieved with Oxbryta at a lower daily dose," said Kim Smith-Whitley, head of research and development of GBT. The company's drug, Oxbryta, is FDA approved to treat sickle cell disease. The company expects initial data from the trial as well as data from the continuation of GBT601 Phase 1 study to be available before the end of the year. The mid-stage portion of the study will enroll up to 60 patients who are 18 to 65 years of age.
Seeking Alpha • Jun 21

Global Blood Therapeutics: Powerhouse Of The Future

In the latest 1Q2022 earnings report, the lead medicine Oxbryta continues to generate highly aggressive growth. You can expect even stronger growth due to the recent Oxbryta launch for kids in the EU. There are also adult campaigns in other countries outside of the USA. Two promising molecules (GBT601 and inclacumab) would power long-term upsides.
Analysis Article • Jun 07

Global Blood Therapeutics (NASDAQ:GBT) Is Making Moderate Use Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha • Apr 12

Global Blood Therapeutics: Hitting A Growth Inflection

Global Blood Therapeutics is enjoying strong fundamental improvement amid the biotech bear market. Sales of lead drug Oxbryta are ramping up aggressively. With the recent FDA approval to expand Oxbryta's label for children, you can expect more rapid sales growth this year.
Seeking Alpha • Mar 12

Global Blood Therapeutics: Changing My Strategy After Recent Earnings

The past year was a transformational time for Global Blood Therapeutics. The company was able to report growth for its flagship product, Oxbryta, in the face of COVID-19 headwinds. The company recently reported mixed earnings and revealed a hefty cash position. Global Blood Therapeutics revealed that Oxbryta received approval in the EU. The company now has several growth opportunities. The share price has chopped around for the last 7 months, as a result, I am looking to change up my strategy to a hybrid approach. I remain bullish on GBT's long-term outlook and will hold a core position in anticipation GBT becomes the leader in SCD and/or the company is acquired for a premium price.
Analysis Article • Feb 24

Is Global Blood Therapeutics (NASDAQ:GBT) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Seeking Alpha • Dec 25

Global Blood Therapeutics: Revisiting A Stellar Grower

Amid the 2021 Biotech Bear market, GBT shares are still trading at a deep bargain to their true worth. Accumulating shares during a market downturn and patiently holding into the next market upcycle usually delivers outstanding returns. Like Santa Claus, the FDA delivered an early Christmas present in the form of Oxbryta approval for kids.
Seeking Alpha • Nov 30

IBI Research On Global Blood Therapeutics: Galvanized For Growth

Amid the challenging COVID environment, Oxbryta is still generating double-digit sales growth. With the upcoming PDUFA set for December 25, Oxbryta is most likely to gain the label expansion to treat kids (ages 4-11), who are afflicted by sickle cell disease. Next year, Oxbryta is poised to gain entry into the European market.
Analysis Article • Nov 03

Despite Lacking Profits Global Blood Therapeutics (NASDAQ:GBT) Seems To Be On Top Of Its Debt

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Seeking Alpha • Oct 24

Global Blood Therapeutics: It Might Be Time To Buy The Dip

Today, we put rare disease concern, Global Blood Therapeutics, in the spotlight. The company has an approved product for Sickle Cell Disease that is looking to become a standard of care, but the initial rollout has been challenging. Analyst firms are mixed, but the sentiment is improving. Is it time to buy the dip in the shares? A full investment analysis follows in the paragraphs below.
Seeking Alpha • Aug 07

Global Blood Therapeutics: Attempting To Classify The Investment

Global Blood Therapeutics is creating a juggernaut blood therapeutics portfolio that could make them the standard bearer in sickle cell disease. Unfortunately, the share price has been sinking along with the rest of the sector, but the recent Q2 earnings beat might change that. The company continues to move its pipeline forward and has submitted its sNDA for Oxbryta for SCD in children 2-11 years of age. In addition, the company is looking for. I discuss my strategy for managing my GBT position as we wait for the inflection.
Analysis Article • Jul 08

Global Blood Therapeutics (NASDAQ:GBT) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Jun 12

Shareholders May Not Be So Generous With Global Blood Therapeutics, Inc.'s (NASDAQ:GBT) CEO Compensation And Here's Why

Under the guidance of CEO Ted Love, Global Blood Therapeutics, Inc. ( NASDAQ:GBT ) has performed reasonably well...
Analysis Article • Mar 18

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Shareholder Returns

GBTUS BiotechsUS Market
7D0.6%6.1%0.3%
1Y169.5%40.6%19.9%

Return vs Industry: GBT exceeded the US Biotechs industry which returned -4.2% over the past year.

Return vs Market: GBT exceeded the US Market which returned 14.1% over the past year.

Price Volatility

Is GBT's price volatile compared to industry and market?
GBT volatility
GBT Average Weekly Movement15.1%
Biotechs Industry Average Movement10.5%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: GBT's share price has been volatile over the past 3 months.

Volatility Over Time: GBT's weekly volatility (15%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
2011457Ted Lovewww.gbt.com

Global Blood Therapeutics, Inc., a biopharmaceutical company, engages in the discovery, development, and delivery of treatments for underserved patient communities with sickle cell disease (SCD). The company offers Oxbryta tablets, an oral, once-daily therapy for SCD. It also evaluates the safety and pharmacokinetics of single and multiple doses of Oxbryta in a Phase II a clinical trial of adolescent and pediatric patients with SCD.

Global Blood Therapeutics, Inc. Fundamentals Summary

How do Global Blood Therapeutics's earnings and revenue compare to its market cap?
GBT fundamental statistics
Market capUS$4.62b
Earnings (TTM)-US$322.46m
Revenue (TTM)US$234.86m
19.7x
P/S Ratio
-14.3x
P/E Ratio

Is GBT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
GBT income statement (TTM)
RevenueUS$234.86m
Cost of RevenueUS$4.45m
Gross ProfitUS$230.41m
Other ExpensesUS$552.87m
Earnings-US$322.46m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-4.78
Gross Margin98.10%
Net Profit Margin-137.30%
Debt/Equity Ratio491.7%

How did GBT perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2022/10/05 08:20
End of Day Share Price 2022/10/04 00:00
Earnings2022/06/30
Annual Earnings2021/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Global Blood Therapeutics, Inc. is covered by 24 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jason Matthew GerberryBofA Global Research
Debjit ChattopadhyayBrean Capital Historical (Janney Montgomery)
John NewmanCanaccord Genuity