bluebird bio (BLUE) PT Lowered to $29 at Stifel
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Rating Summary:
13 Buy, 16 Hold, 3 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Stifel analyst Benjamin J. Burnett lowered the price target on bluebird bio (NASDAQ: BLUE) to $29.00 (from $34.00) while maintaining a Hold rating, noting positives and negatives in this morning's announcements.
The analyst commented, "First, BLUE announced that the outstanding case of what was potentially MDS has now been re-codified to transfusion-dependent anemia. We view this positively as the worst-case scenario that LentiGlobin/preconditioning causes MDS has been taken off the table. However, we still don't know what BLUE's case is going to be with the FDA to absolve the lentiviral vector regarding the cause of transfusion-dependent anemia, which we imagine is likely necessary to lift the clinical hold on Sickle Cell Disease programs. Meanwhile, BLUE is reducing its workforce, primarily in Europe, in reaction to difficult price negotiations with Germany regarding Zynteglo (beta-thalassemia). We view this as distinctly negative, as we had imagined that if any territory would accept the value-based-agreement model, it would have been in a single-payer territory such as Germany"
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