Maxim Group analyst Jason McCarthy weighed in today with a few insights on bluebird bio Inc (NASDAQ:BLUE), after the company made amendments on its partnership with Celgene Corporation (NASDAQ:CELG). The partnership was amended to be exclusively focused on the companies’ target antigen, BCMA. The analyst rates the stock a Buy, with a price target of $190.00. Shares of bluebird closed yesterday at $184.98, up $0.21, or 0.11%.
Mccarthy commented, “We expect bluebird to leverage its gene therapy and gene editing technologies to expand the CAR-T platform, including for next gen BCMA CARs.” Further, “We have seen CD19 targeting CARs have early success in lymphoma and leukemia, thus it is reasonable to believe, and preclinical data suggests, that targeting BCMA in multiple myeloma with a CAR could be successful too.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Mccarthy has a total average return of 10.7% and a 33.3% success rate. Mccarthy has a -2.4% average return when recommending BLUE, and is ranked #2241 out of 3610 analysts.
All the 8 analysts polled by TipRanks, rate bluebird bio stock a Buy. With a return potential of 10.10%, the stock’s 12-month consensus target price stands at $203.67.