What happened Shares of Global Blood Therapeutics (NASDAQ: GBT) closed at $35.02 on Wednesday, up 7.9% from the day before and rebounding two days after the stock hit a 52-week low at $31.90. So what The move is simply a correction to an overcorrection as investors saw a bargain available once the stock hit its two-week low. The company's stock has been sluggish since a first-quarter report that fell below analysts' expectations. While the company reported revenue of $39 million, up 176% year over year, it lost $1.21 per share compared to the same period in 2020. Image source: Getty Images. However, the company just got good news this month concerning its lead drug Oxbryta (voxelotor). On June 14, the drug received Promising Innovative Medicine designation in the United Kingdom as a potential therapy for hemolytic anemia for patients 12 or older with sickle cell disease (SCD). The next step for the company will be getting European Medicines Agency approval for Oxbryta for SCD patients 12 and older. Now what Global Blood Therapeutics is also hoping to expand the label for Oxbryta in the United States as a treatment for patients between 4 and 14 years old for sickle cell disease. Currently, the drug is approved only for SCD patients 14 and older in the U.S. The company is also advancing in its pipeline another SCD drug, inclaclumab, which the company said is a possible treatment to reduce vaso-occlusive crises, a painful side effect of SCD. The company said it hopes to launch additional clinical trials for the drug midway in the first half of 2021. Another key will be the company's second-quarter report as investors will be watching to see if the company can continue to build on revenue. 10 stocks we like better than Global Blood TherapeuticsWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Global Blood Therapeutics wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Jim Halley has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source