bluebird bio Inc (NASDAQ:BLUE) announced the pricing of an underwritten public offering of 3,289,473 shares of its common stock at a public offering price of $76.00 per share, before underwriting discounts. In addition, bluebird bio has granted the underwriters a 30-day option to purchase up to an additional 493,420 shares of common stock. All of the shares in the 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 offering. Wells Fargo Securities and Wedbush PacGrow are acting as co-managers. The offering is expected to close on or about December 12, 2016, subject to customary closing conditions.
bluebird bio anticipates the total gross proceeds from the offering (before deducting underwriters’ discounts and commissions and estimated offering expenses) will be approximately $250 million, excluding any exercise of the underwriters’ option to purchase additional shares. (Original Source)
Shares of bluebird bio are down nearly 2% to $77.20 in pre-market 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 $53.83 and its 200-day moving average is $53.53.
On the ratings front, BLUE stock has been the subject of a number of recent research reports. In a report released yesterday, Cowen analyst Eric Schmidt reiterated a Buy rating on BLUE. Separately, on December 5, Maxim’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 21.6% and a loss of 14.7% respectively. Schmidt has a success rate of 51% and is ranked #63 out of 4262 analysts, while McCarthy has a success rate of 27% and is ranked #4160.
Sentiment on the street is mostly bullish on BLUE stock. Out of 14 analysts who cover the stock, 11 suggest a Buy rating, 2 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $82.00, which represents a slight upside potential from current levels.
bluebird bio, Inc. is a clinical-stage biotechnology company. Its integrated product platform includes gene therapy, cancer immunotherapy, and gene editing.