RBC Capital Stays on the Sidelines with Bluebird Bio (BLUE) Despite Abecma's Approval
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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."
Shares of bluebird bio closed at $32.90 yesterday.
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