bluebird bio Inc (NASDAQ:BLUE), a clinical-stage company committed to developing potentially transformative gene therapies for severe genetic and rare diseases and T cell-based immunotherapies, today announced that its existing global collaboration agreement with Celgene Corporation (NASDAQ:CELG) has been amended and restated to focus on developing product candidates targeting B-cell maturation antigen (BCMA) during a three-year collaboration term. The original collaboration, initiated in 2013, was focused on applying gene therapy technology to genetically modify a patient’s own T cells to target and destroy cancer cells. BCMA is the first target selected to advance to the clinic under this collaboration. BCMA is a cell surface protein that is expressed in normal plasma cells and in most multiple myeloma cells, but is absent from other normal tissues.
Celgene and bluebird bio will work collaboratively on the initial, lead anti-BCMA product candidate (bb2121), with a Phase 1 clinical trial expected to begin enrollment in early 2016, and develop next-generation anti-BCMA product candidates. bluebird bio retains sole rights to develop all other chimeric antigen receptor (CAR) T cell programs developed by bluebird bio under the collaboration, including ongoing undisclosed preclinical programs with opportunities in both solid tumors and hematologic malignancies. (Original Source)
Shares of bluebird bio closed today at $184.87, down $3.60 or 1.91%. BLUE has a 1-year high of $197.35 and a 1-year low of $20.01. The stock’s 50-day moving average is $154.04 and its 200-day moving average is $108.47.
On the ratings front, bluebird has been the subject of a number of recent research reports. In a report issued on May 27, Maxim Group analyst Jason McCarthy maintained a Buy rating on BLUE, with a price target of $190, which represents a slight upside potential from current levels. Separately, on May 26, Roth Capital’s Debjit Chattopadhyay maintained a Buy rating on the stock and has a price target of $192.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Debjit Chattopadhyay have a total average return of 16.2% and 31.7% respectively. McCarthy has a success rate of 66.7% and is ranked #2070 out of 3610 analysts, while Chattopadhyay has a success rate of 69.8% and is ranked #21.
The street is mostly Bullish on BLUE stock. Out of 7 analysts who cover the stock, 7 suggest a Buy rating . The 12-month average price target assigned to the stock is $191.50, which represents a slight upside potential from current levels.
bluebird bio Inc is a clinical-stage biotechnology company. It is engaged in developing potentially transformative gene therapies for severe genetic and rare diseases and in the field of T cell-based immunotherapy.