Market Overview

Jefferies Calls Bluebird Bio The 'Star' Of This Year's ASH Meeting

Jefferies Calls Bluebird Bio The 'Star' Of This Year's ASH Meeting
Related BLUE
10 Biggest Price Target Changes For Thursday
Benzinga's Top Upgrades, Downgrades For December 6, 2018

Bluebird bio Inc (NASDAQ: BLUE)'s encouraging data release over the weekend has many experts and Wall Street analysts excited about the company's prospects in treating sickle cell disease.

The Analyst

Jefferies' Biren Amin upgraded bluebird's stock rating from Hold to Buy with a price target boosted from $130 to $211.

The Thesis

Bluebird's update at the American Society of Hematology was on its data with relapsed/refractory multiple myeloma who have failed on a median of seven prior lines, Amin said in a Monday note. (See Amin's track record here.) 

Most of the attention was focused on the 57-percent-complete response as being "compelling," as it represents an improvement from 27 percent at ASCO, Amin said. But most investors were already aware since ASCO that ORR/CR rates for the company's therapy bb2121 exceed those of Darzalex, he said. 

"At ASH, the question of durability of response (DoR) for bb2121 arose and according to our calculations of the active dose groups, the DoR at this juncture is 8.5 mos w/ bb2121 vs 7.5 mos w/ Darzalex and could further improve by ASCO '18," the analyst said. 

The sickle cell disease indication was "one we were the least sanguine on," but bluebird has "turned a vital inflection point with data presented at ASH," Amin said.

The company is proving itself to be the "star of ASH" and now supports the case for buying the stock, according to Jefferies. 

Price Action

Shares of bluebird hit a new 52-week high of $222.03 Monday morning and were last trading at $206.25, up 20.51 percent. 

Related Links:

9 Notable Biotechs Presenting At This Year's ASH Meeting

After Data Release, Cantor Fitzgerald Doubles Bluebird Bio Price Target

Latest Ratings for BLUE

Dec 2018PiperJaffrayDowngradesOverweightNeutral
Nov 2018Leerink SwannInitiates Coverage OnOutperform
Nov 2018Morgan StanleyMaintainsEqual-WeightEqual-Weight

View More Analyst Ratings for BLUE
View the Latest Analyst Ratings

Posted-In: ASH bb2121Analyst Color Upgrades Health Care Price Target Analyst Ratings General Best of Benzinga


Related Articles (BLUE)

View Comments and Join the Discussion!

Latest Ratings

CMAB. Riley FBRDowngrades84.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

MoviePass Expands Revenue Source With Distributor Deal

Attention Riot Blockchain Investors: Here's What You Need To Know About The TessPay Deal