UPDATE: J.P. Morgan Initiates bluebird bio at Overweight on Unique & Necessary Medical Products

In a report published on Monday, J.P. Morgan analyst Cory Kasimov initiated coverage on bluebird bio BLUE with an Overweight rating and a $44 price target.

In the report, J.P. Morgan stated, "Catchy titles aside, bluebird bio is anything but “Old School.” Quite the contrary. In our view, BLUE – with its gene therapy platform – is one of the more potentially transformative and disruptive companies we've come across in some time. Importantly, however, this appears to be more than just a “big idea.” bluebird has already established promising proof-of-concept for its two lead products and is going after orphan indications with a very high unmet medical need that could bolster the ultimate probability of success."

bluebird bio closed on Friday at $30.65.