Cowen analyst Eric Schmidt is out today with a research note on shares of bluebird bio Inc (NASDAQ:BLUE), following updated data from the company’s Phase 1 study with bb2121 in relapsed/refractory multiple myeloma (r/r MM). At the 2017 American Society of Clinical Oncology (ASCO) meeting, bluebird reported updated followup data with 100% overall response rates in patients treated with doses higher than 50×106 cells.
Schmidt commented, “We view the updated Phase I bb2121 data in heavily pretreated myeloma patients as strikingly positive. Notably the 100% response rate in patients treated at adequate doses will be hard to match from a competitive standpoint while the durability of response is looking compelling, and strong safety experience.”
“In terms of efficacy, bb2121’s 100% ORR easily surpasses U Penn’s 44% and is on par with Legend’s 100%. Physician panelist during a discussant session at ASCO quickly pointed out the many unknowns in Legend’s trial that makes comparisons difficult including the exact number of lines of prior therapies patients saw, whether patients were exposed to the same therapeutic agents (i.e. daratumumab) available in the U.S., the exact cell dose and composition patients received, and the response evaluation criteria beyond serum Ig/light chains. We think bb2121 is in the leadership position in the anti-BCMA CAR field and that partner Celgene has a good chance of potentially extending bb2121’s leadership position. We think bb2121 has multi-billion dollar potential in relapsed/ refractory myeloma and may be capable of supporting BLUE’s current valuation its own.”
As such, Schmidt reiterates an Outperform rating on Bluebird Bio stock, without providing a price target.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a yearly average return of 25.9% and a 55% success rate. Schmidt has a 93.8% average return when recommending BLUE, and is ranked #83 out of 4575 analysts.