Why Global Blood Therapeutics Moved Higher Wednesday

Shares of Global Blood Therapeutics (NASDAQ: GBT) closed at $35.02 on Wednesday, up 7.9% from the day before and rebounding two days after the stock hit a 52-week low at $31.90.

The move is simply a correction to an overcorrection as investors saw a bargain available once the stock hit its two-week low. The company's stock has been sluggish since a first-quarter report that fell below analysts' expectations. While the company reported revenue of $39 million, up 176% year over year, it lost $1.21 per share compared to the same period in 2020.

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Source Fool.com