Maxim Is Going Long Bluebird Bio
In a report published Wednesday, Maxim Group analysts initiated coverage of bluebird bio Inc (NASDAQ: BLUE) with a Buy rating and a price target of $190. While other companies have programs in gene therapy, gene editing or CAR-T, "bluebird has all three," the analysts said.
"bluebird's gene therapy products target single-gene diseases that arise from hematopoietic stem cells (HSCs). The company's approach mitigates risk and early data suggests it works…Together with ongoing studies, bluebird's gene therapy proof of concept in orphan indications could lead to the first FDA-approved gene therapies. Data is expected in 2Q15 and at year-end," the analysts wrote.
bluebird has inked a partnership with Celgene Corporation (NASDAQ: CELG) to develop CART products. This not only highlights the fact that big pharma is attracted to the company, but could add multiple indications. bluebird has also acquired Pregenen to get access to gene-editing technologies that can "induce, silence, or insert genetic components into virtually any cell."
"Gene therapy, gene editing, and CAR-T may be undervalued despite bearish whispers of CAR-T bubbles and other risks," the report said, while adding, "…we believe bluebird could have the first gene therapies in the U.S., driving high orphan pricing and adding upside to BLUE at its present valuation. CAR-T with Celgene and the gene-editing platform could expand the pipeline, adding even more upside."
Latest Ratings for BLUE
|Feb 2017||Maxim Group||Downgrades||Buy||Hold|
|Feb 2017||Roth Capital||Downgrades||Buy||Neutral|
|Nov 2016||BMO Capital||Initiates Coverage On||Market Perform|
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