bluebird bio (BLUE) PT Raised to $85 at Leerink Partners

December 1, 2016 11:26 AM EST
Get Alerts BLUE Hot Sheet
Price: $65.35 -0.08%

Rating Summary:
    15 Buy, 3 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and lowered his price target on bluebird bio (NASDAQ: BLUE) to $85.00 (from $80.00) amid higher confidence in bb2121 for Myeloma.

Schmidt commented, "We are increasing our Price Target (PT) on BLUE shares to $85 from $80 previously to reflect our higher level of confidence in the opportunity and probability-of-success for BLUE's CAR-T product bb2121 in relapsed/refractory multiple myeloma following presentation of encouraging, but early Ph I interim results presented at the triple meeting in Munich, Germany (please also see our note here: LINK). Our higher PT is driven by a higher probability-of-success of bb2121 (50% from 30% previously), as well as a higher market share for bb2121 (40% from 24%) within CAR-T-treated r/r MM patients (assuming 30% of salvage MM patients will receive CAR-T, resulting in our new (unadjusted) $575M US peak sales estimate. bb2121 now contributes $10 to our $85 PT of BLUE. We are maintaining our OP rating as we are positive on BLUE's outlook and stock."

For an analyst ratings summary and ratings history on bluebird bio click here. For more ratings news on bluebird bio click here.

Shares of bluebird bio closed at $60.35 yesterday.



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