Global Blood Therapeutics Inc. (NASDAQ: GBT) saw its shares pull back on Friday after the firm announced that it would conduct a secondary offering. Now seems like the best time for GBT to issue more shares as the stock has exploded in the past six months.

Over the past 52 weeks, the stock is up about 66%, and 45% of this came in 2018 alone. However, in the past six months the stock has more than doubled, with shares up just over 100%.

Overall the firm plans to offer 4.0 million shares at $54 apiece, with an overallotment option for an additional 600,000 shares. At this price, the entire offering is valued up to $248.4 million.

Wells Fargo is acting as the sole book-runner and underwriter of this offering.

The firm intends to use the net proceeds from the offering to fund its clinical development of voxelotor for the treatment of sickle cell disease, including its ongoing Phase 3 HOPE Study and its ongoing Phase 2a HOPE-KIDS 1 Study, as well as future clinical trials, to build and expand its commercial organization in preparation for the potential approval and launch of voxelotor, to fund its other research and development activities, and for working capital and general corporate purposes.

For some quick background: GBT is a clinical-stage biopharmaceutical company determined to discover, develop and deliver innovative treatments. Specifically, the firm is targeting sickle cell disease.

Shares of GBT were last seen down nearly 4% at $54.70, with a consensus analyst price target of $73.36 and a 52-week trading range of $24.02 to $68.05.

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