Why Global Blood Therapeutics Stock Is Soaring Today

Shares of Global Blood Therapeutics (NASDAQ: GBT) are skyrocketing today, up by 36.6% as of 1:27 p.m. ET. The biotech's stock is roaring higher in the wake of a report from Bloomberg News that the company is attracting takeover interest. The outlet didn't name any specific suitors.

Global Blood Therapeutics produces the breakthough sickle cell disease drug Oxbryta. Since its approval in late 2019, the drug has raked in over $375 million in sales, according to the biotech's latest update. Next year, Wall Street anticipates that the drug's annual revenue will jump by a whopping 56.8%. At its peak, Oxbryta is expected to surpass $1 billion in annual sales.

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Source Fool.com