J.P. Morgan analyst Cory Kasimov weighed in with a few insights on bluebird bio Inc (NASDAQ:BLUE), after hosting CEO Nick Leschly, CFO Jim DeTore, and Senior Director of IR Manisha Pai for a day of investor meetings in NYC earlier this week. The analyst rates bluebird bio shares an Overweight, with a price target of $244, which implies an upside of 92% from current levels.

Kasimov noted, “Overall we believe recent weakness in BLUE shares presents a highly compelling opportunity ahead of data updates in 4Q. Not surprisingly the main topics of discussion were 1) what to expect at ASH (updates from 204, 205, and 206 studies) and 2) competitive questions around the recently IPO’d GBT (not covered). On the latter BLUE believes it’s largely too early to have a real conversation on the relative profiles given the early and evolving data sets. Additional points of focus included regulatory strategies in B-thal and SCD, BLUE’s CAR-T strategy, and evolving technology platform. Additional takeaways from the meetings are below.”

The analyst continued, “BLUE thinks it’s too early for a meaningful discussion on competitive profiles given the very early stage of data from both companies. That said, BLUE did note a few outstanding questions in its mind around GBT’s approach, including 1) the health of RBCs, 2) safety given the amount of drug being dosed chronically, and 3) long-term effects of altered oxygen tension in RBCs on tissue. Compliance could also be a concern with a daily, chronic, oral therapy; in patients with more severe SCD a one-time curative approach may be more attractive.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 5.1% and a 46.1% success rate. Kasimov has a -4.6% average return when recommending BLUE, and is ranked #899 out of 3741 analysts.

As of this writing, all the 8 analysts polled by TipRanks rate bluebird bio stock a Buy. With a return potential of 60.4%, the stock’s consensus target price stands at $203.67.

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