BTIG Defends bluebird bio (BLUE) Amid ASH Abstracts Sell-Off

November 3, 2016 12:44 PM EDT
Get Alerts BLUE Hot Sheet
Price: $66.45 -1.7%

Rating Summary:
    15 Buy, 3 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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BTIG is out in defense of bluebird bio (Nasdaq: BLUE) following release of ASH abstracts earlier this morning. The firm rates bluebird at Buy with a price target of $83.

The firm commented, BLUE has experienced a significant sell-off as a result of weak responses from older Sickle-cell Disease (SCD) patients treated within the HGB-206 study. We disagree with the market reaction, as our conversation with management today reconfirmed our belief that the company has a credible opportunity within SCD via improvements to the manufacturing and dosing processes of LentiGlobin. We reiterate our Buy rating and $82 PT, and would aggressively buy on todays sell-off.

Hurdle with SCD is the Dosing and not the Therapeutic: As demonstrated with patient 1204 who is producing ~53% HbA at 18-months post-infusion and discontinued transfusions 3-months after treatment without symptomatic crises. Patient 1204 is 13yrs old, in much better condition compared to the 7 patients with poor responses from the HGB-206 cohort that ranged in age of 18 – 42yrs. Overall we feel confident that the dimension of age can be overcome with the new manufacturing processes.

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