UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on bluebird bio on Updated Data

In a report published Wednesday, Wedbush analyst David M. Nierengarten reiterated an Outperform rating on bluebird bio BLUE, and raised the price target from $51.00 to $94.00. In the report, Wedbush noted, “Updated data presented at ASH today shows that the first four beta-thal patients treated with LentiGlobin are now transfusion-independent. As of Dec 1, seven beta-thal patients have been infused with the updated LentiGlobin BB305 vector, including five in the US Phase I/II Northstar study and two in the French HGB-205 trial. Data from the studies shows that the first four patients treated achieved rapid transfusion independence, maintained at up to 12 months follow-up. The transfusion-free patients are producing in the range of 3.8 to 9.6 g/dL of corrected beta-globin, or 44% to 72% of total hemoglobin production.” bluebird bio closed on Tuesday at $84.28.