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Bluebird bio, Inc, (NASDAQ:BLUE) has built a gene therapy platform with which the company genetically alters patient cells under laboratory conditions and then infusing the altered cells back into the patient in the form of a therapeutic product, according to Raymond James.
The Analyst
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Raymond James’ Dane Leone initiated coverage of bluebird bio with a Strong Buy rating and $165 price target.
The Thesis
The company has successfully delivered positive late-stage clinical data in four different clinical indications using three separate therapeutic products, Leone said in a Wednesday note. (See his track record here.)
Sell-side estimates for bluebird bio are too aggressive, the analyst said. “
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The annual return profile of BLUE makes it one of the most profound S-curve stocks within the biotech universe, with massive hope trades in one year ceding to drastic sell-offs in the next, all within the timeframe of a stable pipeline of clinical programs."
Bluebird's competitive advantage in diseases with high competitive barriers — such as beta-thalassemia, sickle cell disease and BCMA — are underappreciated, Leone said.
The biotech is expected to expand its clinical pipeline over the next 12 months, and the processes put in place for its first three products are helping to drive its developmental success rates going forward, according to Raymond James.
Price Action
Bluebird shares were down 2.2 percent at $98.91 at the time of publication Thursday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.