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Bluebird Bio's Multiple Myeloma Data Reinforces Canaccord Genuity's Bullish Thesis

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Bluebird Bio's Multiple Myeloma Data Reinforces Canaccord Genuity's Bullish Thesis
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Canaccord Genuity is maintaining its bullish stance on bluebird bio Inc (NASDAQ: BLUE) and projects upside for the biotech following a positive patient response to bb2121, the company’s multiple myeloma treatment.

The Analyst 

John Newman maintains a Buy rating on bluebird bio with a $250 price target.

The Thesis

The potential for the multiple myeloma treatment is just beginning to become visible, Newman said in a Monday note. 

“As the drug moves earlier and is combined or sequenced with other therapies, we would expect a massive improvement in both [progression-free survival] and [overall survival],” the analyst said. 

Bb2121 showed a median progression-free survival of 11.8 months, which fell in line with expectations, and the analyst said is impressive given the fact that the patients receiving the drug had already failed every therapy on the market. 

Bluebird's next data catalyst could come at the Amercian Society of Hematology conference in December in San Diego and should "allay any concerns on an efficiency level," Newman said. 

Related Links:

Leerink: Bluebird Bio's Catalysts Are Priced In

William Blair: Bluebird Bio Could See Another 'Blue Ribbon Year' In 2018

Latest Ratings for BLUE

DateFirmActionFromTo
Jan 2019Canaccord GenuityMaintainsBuyBuy
Dec 2018Raymond JamesInitiates Coverage OnStrong Buy
Dec 2018Morgan StanleyMaintainsEqual-WeightEqual-Weight

View More Analyst Ratings for BLUE
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Biotech News Price Target Reiteration Analyst Ratings General Best of Benzinga

 

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