bluebird bio (BLUE) PT Raised to $35 at BMO Capital

BMO Capital analyst Matthew Luchini raised the price target on bluebird bio (NASDAQ: BLUE) to $35.00 (from $31.00) while maintaining a Market Perform rating.

The analyst commented, "FDA approved Abecma (bb2121/ide-cel) for relapse/refractory multiple myeloma, in line with its March 27 PDUFA date. We see no surprises in the label and expect focus to shift to commercial as well as label expansion opportunities into larger, earlier line multiple myeloma settings. We increase our target price to $35 from $31 as we increase our probability of success in 4L+ to 100% and update our model for Abecma's $419.5k cost. While Abecma's approval is positive, continued uncertainty around LentiGlobin and bluebird's ability to execute keep us on the sideline."

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