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| 2019-11-26 07:09:22 BLUE Bluebird Bio  
| Bluebird Bio upgraded to Outperform after 51% pullback at SVB LeerinkAs previously reported, SVB Leerink analyst Mani Foroohar upgraded Bluebird Bio to Outperform from Market Perform with an unchanged $119 price target, noting that the stock has fallen 51% since early March. The gradual pace of the Zynteglo launch is now fully appreciated by investors and competitive threats to bb2121 are now reflected in the stock price, said Foroohar, who notes that the stock is now trading just below his estimated value of $77 per share if zero value is attributed to its B-cell maturation antigen business. However, this implies an unreasonable scenario in which bb2121 and bb21217 fail entirely, which is in "stark contrast to the state of the BCMA race suggested by data to date," Foroohar tells investors. He sees an attractive risk/reward into BCMA data and filing through early 2020, the analyst added. | |
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