After market hours on Wednesday, Global Blood Therapeutics (NASDAQ: GBT) released a first-quarter earnings report that investors didn't digest well. As a result, the following day, the stock fell by 8% -- a steep rate, even on a very bearish day when the S&P 500 index declined by 3.6%.
For the quarter, Global Blood Therapeutics' sales hit nearly $55.2 million, representing quite an encouraging improvement over the year-ago quarter's $39 million. But increased research and development, along with selling, general, and administrative (SGA) expenses, widened the company's net loss. This landed at nearly $83.5 million ($1.26 per share), while in the first quarter of 2021, it was just shy of $75 million.
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Why Global Blood Therapeutics Stock Was Sickly Today