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, announced that it has commenced an underwritten public offering of $400 million of its common stock. bluebird bio also intends to grant the underwriters a 30-day option to purchase up to an additional fifteen percent (15%) of the shares of common stock offered in the public offering.
BofA Merrill Lynch, Morgan Stanley and Cowen and Company are acting as joint book-running managers of the proposed offering. SunTrust Robinson Humphrey, Wedbush PacGrow and Roth Capital Partners are acting as co-managers. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. (Original Source)
Shares of bluebird bio closed today at $174.31, down $3.44 or 1.94%. BLUE has a 1-year high of $197.35 and a 1-year low of $29.73. The stock’s 50-day moving average is $172.51 and its 200-day moving average is $122.26.
On the ratings front, bluebird has been the subject of a number of recent research reports. In a report issued on June 17, Wedbush analyst David Nierengarten reiterated a Buy rating on BLUE, with a price target of $222, which implies an upside of 24.6% from current levels. Separately, on June 15, Roth Capital’s Debjit Chattopadhyay reiterated 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, David Nierengarten and Debjit Chattopadhyay have a total average return of 59.7% and 36.1% respectively. Nierengarten has a success rate of 66.3% and is ranked #9 out of 3640 analysts, while Chattopadhyay has a success rate of 71.9% and is ranked #12.
Overall, 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $206.40 which is 15.9% above where the stock opened today.
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.