BLUEbluebird bio Inc (NASDAQ:BLUE) announced that it has commenced an underwritten public offering of $200 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. All of the shares in the proposed offering are to be sold by bluebird bio.

Goldman, Sachs & Co., BofA Merrill Lynch and Cowen and Company are acting as joint book-running managers of the proposed offering. Wells Fargo Securities and Wedbush PacGrow 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 are currently falling nearly 3% to $76.50 in after-hours trading. BLUE has a 1-year high of $79.70 and a 1-year low of $35.37. The stock’s 50-day moving average is $54.38 and its 200-day moving average is $53.41.

On the ratings front, BLUE stock¬†has been the subject of a number of recent research reports. In a report released today, Cowen analyst Eric Schmidt reiterated a Buy rating on BLUE. Separately, yesterday, Maxim Group’s Jason McCarthy reiterated a Buy rating on the stock and has a price target of $87.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Schmidt and Jason McCarthy have a yearly average return of 21.5% and a loss of 15.4% respectively. Schmidt has a success rate of 52% and is ranked #57 out of 4256 analysts, while McCarthy has a success rate of 25% and is ranked #4157.

Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have 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 $95.25 which is 32.3% 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. The company was founded by Philippe Leboulch and Ronald C. Dorazio on April 16, 1992 and is headquartered in Cambridge, MA.