BLUEbluebird bio Inc (NASDAQ:BLUE) announced that interim data from its ongoing Phase 1 clinical study of bb2121, the company’s investigational anti-BCMA CAR T cell product candidate in patients with relapsed/refractory multiple myeloma, will be presented on Thursday, December 1, 2016 at the 28th EORTC-NCI-AACR Molecular Targets and Cancer Therapeutics Symposium in Munich, Germany. bluebird bio is developing bb2121 in collaboration with Celgene Corporation.

“We are pleased that these early data from our ongoing Phase 1 study of bb2121 demonstrate objective anti-tumor responses in heavily pre-treated patients with multiple myeloma, with all patients in the 15.0 x 107 and 45.0 x 107 CAR+ T cell dose cohorts achieving responses, including among them, patients with stringent complete responses and elimination of minimal residual disease,” said David Davidson, M.D., chief medical officer, bluebird bio. “We are also encouraged by the safety profile to date, particularly the lack of severe cytokine release syndrome or neurotoxicity. In light of these positive data, and thanks to the multiple participating clinical sites and centralized manufacturing infrastructure we and our partner Celgene have built for this program, we anticipate efficiently completing the dose escalation stage of the trial and initiating the expansion cohort.” (Original Source)

Shares of Bluebird bio are up over 10% to $67.10 in after-hours trading. BLUE has a 1-year high of $85 and a 1-year low of $35.37. The stock’s 50-day moving average is $60.08 and its 200-day moving average is $52.88.

On the ratings front, BLUE stock has been the subject of a number of recent research reports. In a report issued on November 23, Janney analyst Debjit Chattopadhyay reiterated a Buy rating on BLUE. Separately, on the same day, Jefferies’ Gena Wang reiterated a Buy rating on the stock and has a price target of $80.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Debjit Chattopadhyay and Gena Wang have a yearly average loss of 1.6% and 6.8% respectively. Chattopadhyay has a success rate of 44% and is ranked #3497 out of 4241 analysts, while Wang has a success rate of 35% and is ranked #3955.

Overall, one research analyst has rated the stock with a Sell rating, one research analyst has assigned a Hold rating and 12 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 $90.40 which is 49.8% above where the stock opened today.

bluebird bio, Inc. is a clinical-stage biotechnology company. Its integrated product platform includes gene therapy, cancer immunotherapy, and gene editing.