BTIG Affirms bluebird bio (BLUE) at 'Buy' Following bb2121 Phase 1 Data in r/r Multiple Myeloma

December 1, 2016 7:51 AM EST
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Price: $65.35 -0.08%

Rating Summary:
    15 Buy, 3 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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BTIG affirms bluebird bio, Inc. (Nasdaq: BLUE) with a Buy rating and $83 price target following strong results from bb2121 Phase 1 in r/r multiple myeloma.

Analyst Dane Leone commented, The data was released prior to a plenary session at the EORTC-NCI-AACR Molecular Targets and Cancer Therapies Symposium in Munich, Germany. At first glance, the data looks superior to Novartis’ (NYSE: NVS) anti-BCMA CAR, but we await additional details.

Leone also offered the following key points:

  • BLUE ‘s anti-BCMA CAR shows Efficacy with Minimal Toxicities: Heavily pretreated patients conditioned (with cyclophosphamide and fludarabine), and infused with 15.0 x 107 (cohort 2) and 45.0 x 107 (cohort 3) CAR+ T cell achieved 100% responses (n=6). In patients infused with 5.0 x 107 (cohort 1) CAR+ T cells, 33% response was observed. Two patients also achieved complete responses at 6 and 4 months. Overall response rate was 78% (n=11). No dose limiting toxicities, grade 3/4 cytokine release syndrome (CRS) or grade ¾ neurotoxicity were observed. (NCT02658929).
  • NVS Interim Results from Phase 1 BCMA-CAR: Patients (n=6) received split dose infusions of 1-5 x 108 CAR+ T cells using a similar anti-BCMA CAR. One patient achieved complete response at 7 months, but overall responses were limited due to minimal expansion in vivo as evidenced by a loss of response (by 2-3 months) and progressive disease (PD) in some patients (n=1). Toxicity was also an issue as CRS occurred in 5 patients, and grade ¾ toxicities (n=3). More data will allow for better comparison to BLUE, but note that patients seemed to have a higher median of prior line therapies, and were not conditioned with cyclophosphamide. (NCT02546167)

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