RBC Capital Stays on the Sidelines with Bluebird Bio (BLUE) Despite Abecma's Approval

RBC Capital analyst Luca Issi reiterated a Sector Perform rating and $37.00 price target on bluebird bio (NASDAQ: BLUE) noting the approval of Abecma over the weekend is good news as:
1) it marks the first ever CART approved for multiple myeloma
2) bears were expecting a delay due to COVID-19 disruptions of inspections

The analyst stated "The Label looks relatively clean with only a couple of additional warnings vs CD19 CART (HLH/MAS). Despite the good news, we remain on the sidelines as approval was largely anticipated, BMY retains most of the economics and we await further clarity on SCD/B-thal clinical hold."

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 $32.90 yesterday.

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