bluebird bio (BLUE) PT Raised to $83 at BMO as bb2121 Shows Promising Efficacy, Clean Safety
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BMO Capital analyst Matthew Luchini raised his price target on bluebird bio (NASDAQ: BLUE) to $83.00 (from $61.00) as bb2121 shows promising efficacy and clean saftey. The firm maintained a Market Perform rating.
Luchini commented, "We expect BLUE to open higher following release of impressive bb2121 Phase I data in a heavily pre-treated myeloma population, which showed an overall response rate of 78% including two stringent complete responses as well as a clean safety profile. Given strength of the data, we are adding bb2121 to our model, estimating peak sales of ~$3.6B (risk-adjusted 25% to $900mm) and increase our price target to $83. However, we maintain our Market Perform rating as we see only modest additional upside given the ~25% share price move after market."
Shares of bluebird bio closed at $60.35 yesterday.
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