UPDATE: Cantor Fitzgerald Downgrades bluebird bio (BLUE) to Sell
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(Updated - October 14, 2016 10:10 AM EDT)
Cantor Fitzgerald downgraded bluebird bio (NASDAQ: BLUE) from Hold to Sell with a price target of $37. Analyst Elemer Piros noted a recent rally and shares and pointed out a lack of catalysts.
Piros explained, "At an Investor/Analyst event yesterday, bluebird disclosed that all future LentiGlobin trials going forward will use its improved manufacturing process. Since those trials are just beginning, initial data on improved transduction efficiency may not become available until 2018. The stock has rallied over the last couple of months anticipating new data at the upcoming ASH conference in December. However, with the focus on the improved methodology, we don’t expect data that may be announced at this year's ASH to de-risk the hemoglobinopathy programs."
Piros continued, "Since the shares are trading at a level not seen since last December, we think the lack of catalysts (since we don't view ASH as a catalyst) for some time is likely to lead to selling pressure on the shares, and thus consistent with our change of rating to SELL from HOLD and lowering the TP to $37 from $42/share."
Shares of bluebird bio closed at $65.24 yesterday.
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