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Bluebird Bio's Positive LentiGlobin Data: Wall Street Responds

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Shares of bluebird bio Inc (NASDAQ: BLUE) were rallying in Monday’s pre-market session, spiking over 5 percent before falling back down to the $180 range by mid-day.

The catalyst for the spike was due to encouraging results of an experimental gene therapy product called LentiGlobin.

A French teenager, who had a severe sickle cell disease, is reportedly continuously improving following a one-time gene therapy treatment supplied by Bluebird. Nearly all of the red-blood cells of the teen were sickled, or deformed, before the treatment. Six months prior, almost half of the boy's oxygen-carrying red blood cells were functioning and normal.

Related Link: Bluebird Bio Now Worth $213/Share, Piper Jaffray Says

In the past three months, he did not require and transfusions, nor hospitalization. Bluebird CEO Nick Leschly commented on the progress, "You just changed a 13-year-old kid's entire view of the world. That's the human side which drives us."

Bluebird believes it can further battle the disease.

Wall Street Responds

Maxim Group has reiterated Bluebird at a Buy rating alongside a $190 price target. Maxim comments that anti-sickling Hemoglobin has risen 45 percent and believes that a cure to sickle-cell disease could be “worth quite a lot.”

Piper Jaffray, meanwhile, rated Bluebird at Market Overweight with a price target of $213. Piper commented that “the clinical benefit of LentiGlobin in SCD was impressive.”

Cory Kasimov of JPMorgan, lastly, increased his price target for Bluebird from $200 to $244 while reiterating the stock at Market Overweight. He notes that the teenage patient is hospital-free, transfusion free, and most importantly, levels of anti-sickling hemoglobin continue to rise..

On the NASDAQ exchange, Bluebird shares have nearly doubled year-to-date.

Latest Ratings for BLUE

Dec 2017Maxim GroupDowngradesBuyHold
Dec 2017JefferiesUpgradesHoldBuy
Dec 2017Canaccord GenuityInitiates Coverage OnBuy

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