BTIG Boosts PT on bluebird bio (BLUE) to $83; Sees Favorable FDA Pathway Derisking Pivotal Study Timeline
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BTIG lifts its price target on Buy-rated bluebird bio (Nasdaq: BLUE) from $72 to $83 following the company's recent R&D day in NYC.
The firm noted the following late Thursday:
- The design of HGB-207 and HGB-212 should support commercial launch of LentiGlobin for ß0/ß+ genotype and ß0/ß0 genotypes, essentially the entire moderate to severe Beta-thalassemia population, in the US and Europe by 2020.
- In-line with our preview note (9/13/16), the new manufacturing process for LentiGlobin will allow the company to recapture the ß0/ß0 genotype population (~33% of total moderate to severe Betathalassemia patients) on an accelerated timeline: The company announced the design of HGB-212, which will support use of LentiGlobin to treat the most severe Beta-thalassemia patients ß0/ß0) on an approvable endpoint of transfusion reduction. We think that the combination of the new manufacturing process boosting drug potency along with a transfusion reduction endpoint, versus transfusion independence endpoint, greatly increases odds of clinical success. We forecast US approval by YE2019.
- European Approval supported by ongoing studies plus interim data from '207 and '212: Management expects that the ongoing HGB-204 and '205 programs will support EU approval for moderate to severe
- Beta-thalassemia patients with interim support from the new pivotal studies. We forecast EU approval by YE2018.
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