Wedbush Reiterates Outperform On Bluebird Bio Following LentiGlobin Data Release


In a research report released yesterday, Wedbush analyst David Nierengarten reiterated an Outperform rating on Bluebird Bio (NASDAQ:BLUE) with a price target of $94, as the company presented data at ASH, which shows that the first four beta-thal patients treated with the company’s LentiGlobin are now transfusion-independent.

Nierengarten wrote, “Although early, we view the SCD data positively and expect this first patient to advance to transfusion-independent status in 2015. Additional enrollment of SCD patients in 2015 should provide further validation of LentiGlobin efficacy in SCD. Enrollment in both the Northstar and HGB-205 studies are expected to complete next year.”

The analyst explained his new price target saying, “Our price target is derived from applying an 8X multiple to estimated 2020 revenues for Lenti-D (discounted 35% annually) and LentiGlobin (discounted 20% annually).”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Nierengarten has a total average return of 29.8% and a 60.8% success rate. Nierengarten has a 105.1% average return when recommending BLUE, and is ranked #77 out of 3401 analysts.

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