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BLUE

Bluebird Bio

$79.51

-1.24 (-1.54%)

07:44
12/09/19
12/09
07:44
12/09/19
07:44

Bluebird Bio price target lowered to $118 from $171 at Canaccord

Canaccord analyst John Newman lowered his price target on Bluebird Bio to $118 from $171 to reflect competition on its best-in-class status bb2121. The ASH conference saw competitors present strong data and along with the unclear reimbursement environment for CAR-T products, the unsure timing for bb2121, and model adjustments, he lowered his target. Newman reiterated his Buy rating on Bluebird Bio shares.

  • 09

    Dec

BLUE Bluebird Bio
$79.51

-1.24 (-1.54%)

11/26/19
LEER
11/26/19
UPGRADE
Target $119
LEER
Outperform
Bluebird Bio upgraded to Outperform after 51% pullback at SVB Leerink
As 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.
11/26/19
11/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Chipotle (CMG) upgraded to Outperform from Market Perform at Cowen with analyst Andrew Charles saying he sees upside to expectations for the company's comps and earnings from the growth of its digital sales, growing consumer trend calling for food transparency, higher advertising budget, and the success of its loyalty program. 2. Line Corp. (LN) upgraded to Hold from Underperform at Jefferies. 3. Dynex Capital (DX) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Eric Hagen saying with both nominal and option-adjusted agency mortgage-backed security spreads wide, it is "hard to overlook" Dynex's attractive valuation. 4. MAA (MAA) upgraded to Sector Perform from Underperform at Scotiabank. 5. Bluebird Bio (BLUE) upgraded to Outperform from Market Perform at SVB Leerink with analyst Mani Foroohar noting the stock has fallen 51% since early March. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/03/19
MSCO
12/03/19
NO CHANGE
Target $100
MSCO
Equal Weight
Morgan Stanley sees high odds of Bluebird trading up after multiple myeloma data
Morgan Stanley analyst Matthew Harrison said he sees a high probability, or 75% odds, that Bluebird Bio (BLUE) shares will trade higher following the report of topline results from its KarMMa study of bb2121 as a fourth line or later therapy for the treatment of relapsed/refractory multiple myeloma, which are due by year-end. He said investors are focused on the median progression free survival delivered by the therapy as a gauge of its commercial viability versus other anti-BCMA CAR-T therapies in development at GlaxoSmithKline (GSK) and Bristol-Myers (BMY) in partnership with Regeneron (REGN). In a scenario where median PFS is greater than or equal to 11.5 months and overall response rate is greater than or equal to 85%, Harrison sees Bluebird shares having 20%-30% or more upside. If the median PFS is equal to or less than 9 months and ORR is below 80%, he thinks bb2121 would likely still be approvable, but sees shares down 10%-20%. In what he views as the most likely scenario - with mPFS of about 10 months and ORR of about 80% - Harrison sees 10%-20% upside in Bluebird shares. He keeps an Equal Weight rating and $100 price target on the stock.
12/08/19
PIPR
12/08/19
NO CHANGE
PIPR
Piper says Bluebird's bb2121 'clearly approvable,' but competition heating up
Piper Jaffray analyst Tyler Van Buren said the topline results presented by Bluebird Bio (BLUE) at ASH from the KarMMa trial are "impressive in these very sick patients" and he believes that the drug is "clearly approvable." However, he also said that the JNJ-4528 Legend data presented by Johnson & Johnson's (JNJ) Janssen "appears very competitive," adding that "we would be remiss if we didn't mention the continued deluge of anti-BCMA antibody data" from competitors including Amgen (AMGN), Bristol-Myers (BMY) and Regeneron (REGN). Van Buren keeps a Neutral rating on Bluebird Bio shares, citing valuation as well as his view on long-term competitive pressures.

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