Stock Alert: Global Blood Therapeutics Tanks 35% On Quarterly Results

(RTTNews) - Shares of Global Blood Therapeutics, Inc. (GBT) tanked over 35% on Friday morning after third-quarter results missed the Street estimates.

GBT is currently trading at $38.12, down $22.20 or 36.81%, on the Nasdaq.

Net loss for the third quarter was $59.88 million or $0.97 per share, narrower than last year's loss of $64.55 million or $1.07 per share.

Total product sales for the third quarter was $36.9 million, resulting from sales of Oxbryta. The company did not generate product sales in the third quarter last year.

Analysts polled by Thomson Reuters estimated loss of $0.73 per share and revenues of $43.98 million.