bluebird bio (BLUE) PT Raised to $34 at Stifel
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Stifel analyst Benjamin J. Burnett raised the price target on bluebird bio (NASDAQ: BLUE) to $34.00 (from $31.00) while maintaining a Hold rating.
The analyst commented, "We're reiterating our Hold rating following new survey work aimed at assessing physician sentiment around Abecma (ide-cel). We interpret the results positively for the initial adoption of Abecma as enthusiasm for anti-BCMA CAR-T seems high; however, we expect adoption to be significantly impacted by JNJ's cilta-cel once this reaches the market. And while Sell-Side consensus doesn't seem overly aggressive for FY2021 (and maybe even a little low), we think it will be tough for the stock to work on near-term quarterly beats with cilta-cel likely gaining approval in short order. Informed by our survey and a payer check, we've increased slightly our Abecma revenue estimates in FY2021. This, along with lowering our expense trajectory to better account for the profit share agreement with BMY, moves our target price up by $3 to $34/share. However, we're below consensus longer-term, which we think is due to more aggressive assumptions around competition."
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