BTIG Dives in on Bluebird Bio Inc (BLUE) Following Impressive Phase 1 Interim Results in Relapse/Refractory Multiple Myeloma

bluebird bio Inc (NASDAQ:BLUE) shares are surging 25% after releasing interim results from the firm’s Phase 1 trial of its anti-BCMA CAR T (bb2121) in patients (n=11) with relapse/refractory multiple myeloma (MM) that have investors cheering. The data was released prior to a plenary session at the EORTC-NCI-AACR Molecular Targets and Cancer Therapies Symposium in Munich, Germany

BTIG analyst Dane Leone praises BB2121 as it “takes the lead in anti-BCMA CAR T” and deems the results “impressive.” Therefore, following the data read-out, the analyst commends the efficacy BLUE’s anti-BCMA CAR exhibits with minimal toxicities and reiterates a Buy rating on BLUE with a price target of $83, which represents a just under 10% increase from where the stock is currently trading.

With an initial impression upon observing the data, Leone believes, “At first glance, the data looks superior to Novartis’ (NVS, Not Rated) anti-BCMA CAR, but we await additional details.”

“More data will allow for better comparison to BLUE, but note that patients seemed to have a higher median of prior line therapies, and were not conditioned with cyclophosphamide,” Leone surmises.

Looking ahead, the analyst anticipates the firm’s forthcoming conference e call with slides and additional details.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, five-star analyst Dane Leone is ranked #175 out of 4,243 analysts. Leone has a 70% success rate and garners 10.9% in his yearly returns. When suggesting BLUE, Leone earns 25.6% in average profits on the stock.

TipRanks analytics indicate BLUE as a Strong Buy. Based on 12 analysts polled in the last 3 months, 12 rate a Buy on BLUE, 1 maintains a Hold, while 1 issues a Sell. The 12-month average price target stands at $92.27, marking a nearly 53% upside from where the shares last closed.screen-shot-12-01-16-at-02-30-pm


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