Why Shares of Global Blood Therapeutics Are Soaring Today
Monday's rise is a good example of a bounce back for blood therapy biotech Global Blood Therapeutics (NASDAQ: GBT). The stock closed at $27.55 on Friday, hitting a low of $25.61 during the day's trading, which is pretty close to the biotech company's 52-week low of $25.48. On Monday, it opened at $27.74 and rose as high as $29.18 in midmorning trading, a gain of more than 5%. The company's stock is still down considerably from its 52-week high of $66.18, which it reached last September.
There was no big news behind the stock's climb.
Monday was an up day for the market with nine of the S&P's top sectors up in early trading. The company is coming off of good news in its second-quarter report, announced on Aug. 3, with sales of its sickle cell disease therapy Oxbryta driving $47.6 million in revenue in the quarter, up 22% sequentially and 51% year over year. The company is still losing money -- it reported a loss of $69.6 million in the quarter compared to $52.8 million in the same period in 2020. However, Global Blood Therapeutics has $473.4 million in cash, so it has plenty of time, nearly seven quarters, to turn things around.
Source Fool.com
