Bluebird Bio's (BLUE) Abecma Becomes the First BCMA Targeting CAR-T Therapy to Reach the Market - Stifel
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Stifel analyst Benjamin J. Burnett reiterated a Hold rating and $31.00 price target on bluebird bio (NASDAQ: BLUE) after the company won FDA approval for Abecma (ide-cel), becoming the first BCMA targeting
CAR-T therapy to reach the market.
The analyst stated "We were surprised by a few aspects of the label: Abecma was approved for 5L+, versus our expectation of 4L+, and HLH was included as a black box warning. However, after reflecting on these points with a KOL (tertiary care physician who leads CAR-T efforts at his institution), we think neither will significantly impact adoption. He noted that though this is the first CAR-T label where we've seen HLH listed as a black box warning, the syndrome itself is not specific to Abecma and occurs with other approved CART's (such as Yescarata). For the stock, we think approval was mostly anticipated, though given recent regulatory setbacks with LentiGlobin and the early challenges of submitting the Abecma BLA, we expect shares to be up small. Our target price remains unchanged at $31/share".
Shares of bluebird bio closed at $32.50 yesterday.
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