bluebird bio (BLUE) PT Raised to $85 at Leerink Partners
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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."
Shares of bluebird bio closed at $60.35 yesterday.
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