Why Global Blood Therapeutics Stock Is Sinking Today
Shares of Global Blood Therapeutics (NASDAQ: GBT) were sinking 8% as of 11:14 a.m. EDT on Thursday. The decline came after the company announced its first-quarter results following the market close on Wednesday.
Global Blood Therapeutics reported net sales of $39 million in the first quarter, all of which stemmed from sickle-cell disease drug Oxbryta. This result fell well below the average analyst estimate of $47.3 million. The large revenue miss sparked today's sell-off of the biotech stock.
Image source: Getty Images.
Source Fool.com
