bluebird bio (BLUE) AML Case is Unlikely Driven By Lentiglobin, Here's Why - Morgan Stanley
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Morgan Stanley analyst Matthew Harrison reiterated an Equalweight rating and $45.00 price target on bluebird bio (NASDAQ: BLUE) after management provided an update indicating that it does not believe that Lentiglobin caused the AML case in the SCD trial for the following reasons:
1) Mgt. identified various mutations as well as key chromosomal abnormalities in this patient that have been associated with AML
2) Although Lentiglobin was found in the VAMP4 gene, the latter does not appear to be related with AML and
was not found to likely have impacted other genes in the vicinity or caused gene misregulation
The analyst stated "We agree with mgt. that lentiglobin does not appear to be the cause of the AML case and thus expect BLUE up on the news. That said, given unknowns around how regulators will view the case and what requirements they will have to resume the studies, some residual uncertainty remains."
Shares of bluebird bio closed at $33.15 yesterday.
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