What's Going On With Bluebird Bio Stock?

Bluebird Bio, Inc. BLUE shares are trading higher Friday after Morgan Stanley upgraded Bluebird Bio from Underweight to Equal-Weight and raised the price target to $7.

The Details:

Morgan Stanley analyst Jeffrey Hung upgraded Bluebird Bio from Underweight to Equal-Weight and raised the price target from $3 to $7 ahead of an expected FDA decision.

Hung said that Morgan Stanley believes the company's drug lovo-cel is likely to be approved for sickle cell disease by the December 20 PDUFA date and that the stock will continue to move up heading into the FDA decision.

Hung also said that they expect investor focus to return to the company's gradual launches for Skysona, Zynteglo, and lovo-cel in the longer term.

Bluebird Bio shares have grabbed the interest of short-sellers with 23.16% of available BLUE shares being sold short, according to the latest data from Benzinga Pro.

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BLUE Price Action: According to Benzinga Pro, Bluebird Bio shares are up by 9.15% at $5.25 at the time of publication.

Image: Vilius Kukanauskas from Pixabay