BMO Capital Starts bluebird bio (BLUE) at Market Perform
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BMO Capital initiates coverage on bluebird bio (NASDAQ: BLUE) with a Market Perform rating and a price target of $61.00.
Analyst Matthew Luchini commented, "Our Market Perform rating is based on our belief that while recently presented preclinical Process 2 manufacturing data are encouraging, upside in BLUE is dependent on confirmation that recently implemented protocol amendments (including Process 2) will translate into better clinical outcomes in sickle cell disease and β0/ β0 TDT, which we do not expect until mid-2017 (EHA meeting: June 22-25) at the earliest. We would look to get more constructive on BLUE upon confirmation improved LentiGlobin efficacy in SCD and β0/β0 TDT, something we believe should happen in 2017."
Shares of bluebird bio closed at $52.60 yesterday.
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