Leerink Swann analyst, Michael Schmidt, reiterates his Outperform rating on bluebird bio Inc (NASDAQ:BLUE) after the company reported its 2Q16 financial results. The analyst couples his rating with a $67 price target.
The analyst affirms that Gene therapy LentiGlobin is a key value driver for the stock. With initial clinical proof-ofconcept achieved in hemoglobinopathies beta-thalassemia and sickle-cell disease, the next clinical updates are expected at the ASH annual meeting in early December. The analyst concedes that Lenti-D represents a small, but competing opportunity for the company, while the adoptive T cell therapy (CAR/TCR) pipeline is still underappreciated by investors.
Schmidt upholds that key catalysts for the stock include, potential achievement of transfusion independence of treated BT and SCD pts with longer-term follow-up, successful implementation of product manufacturing and treatment protocol changes, and regulatory clarity in BT and SCD in Europe and the US
According to TipRanks, the Schmidt is ranked #135 of 4,085 analysts.