Market Overview

UPDATE: Canaccord Genuity Initiates bluebird bio at Buy on Strong Gene Therapy Platform

Related BLUE
Top 5 Performing Biotech Stocks Of 2014
2 Biotech Stocks With Massive Increases In Short Interest

In a report published Monday, Canaccord Genuity analyst Salveen Richter initiated coverage on bluebird bio (NASDAQ: BLUE) with a Buy rating and $45.00 price target.

In the report, Canaccord Genuity noted, “bluebird is defined by its gene therapy platform – a novel approach that uses a vector (modified virus) to add functioning genes to a patient's own stem cells, which are then reinfused back into the body. Gene therapy has the potential to be highly disruptive given the promise to cure any disease caused by disruption of a single gene, with one treatment. The lead product is Lenti-D for childhood cerebral adrenoleukodystrophy (CCALD), an orphan, genetic CNS disorder, to enter a pivotal P2/3 trial by YE13. We are optimistic on this trial given physician diligence and a P1/2 trial where three of four boys treated with an earlier version of the vector (~3x less potent) demonstrated disease stabilization and no neurological defects. The second product, LentiGlobin for treatment of beta-thalassemia and sickle cell disease (SCD), rare genetic blood disorders, has potential to treat a larger population, but is less proven in the clinic (one of three patients achieved transfusion independence): one P1/2 trial recently initiated (E.U.) and the U.S. study is on tap for mid-2013 (newer vector likely to provide improved outcomes).”

bluebird bio closed on Friday at $30.65.

Latest Ratings for BLUE

DateFirmActionFromTo
Sep 2014SunTrust Robinson HumphreyInitiates Coverage onBuy
Jun 2014JP MorganMaintainsOverweight
Jul 2013Cowen & CompanyInitiates Coverage onOutperform

View More Analyst Ratings for BLUE
View the Latest Analyst Ratings

Posted-In: Canaccord Genuity Salveen RichterAnalyst Color Initiation Analyst Ratings

 

Related Articles (BLUE)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters