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Bluebird Bio (BLUE) Gets a Hold Rating from Oppenheimer


In a report released today, Mark Breidenbach from Oppenheimer maintained a Hold rating on Bluebird Bio (NASDAQ: BLUE). The company’s shares opened today at $140.80, close to its 52-week low of $125.30.

Breidenbach wrote:

“Friday, bluebird announced that the EMA has accepted its Market Authorization Application (MAA) for LentiGlobin in non-homozygous transfusion-dependent thalassemia (TDT), keeping the program’s development timeline on track with our expectations. In Europe, LentiGlobin has been granted PRIME designation and Accelerated Assessment, which could reduce the review time from 210 days to 150 days. We believe the MAA has an excellent chance of approval (80% POS), and we project a 2H19 launch generating peak sales of $950M in Europe. The MAA filing is supported by pooled data from ongoing HGB-207 trials, which we believe convincingly demonstrate that LentiGlobin helps TDT patients achieve transfusion independence. However, we believe the commercial opportunity in non-homozygous TDT is adequately reflected in bluebird’s current valuation; reiterate Perform.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 11.4% and a 45.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.

Currently, the analyst consensus on Bluebird Bio is a Moderate Buy with an average price target of $223.38, representing a 58.7% upside. In a report released today, Maxim Group also maintained a Hold rating on the stock.

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The company has a one-year high of $236.17 and a one-year low of $125.30. Currently, Bluebird Bio has an average volume of 647K.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BLUE in relation to earlier this year. Most recently, in August 2018, Jason Cole, the CLO of BLUE bought 4,438 shares for a total of $99,988.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

bluebird bio, Inc. is a clinical-stage biotechnology company. Its integrated product platform includes gene therapy, cancer immunotherapy, and gene editing. It offers the LentiGlobin which is a treatment for transfusion-dependent ß-thalassemia; and Lenti-D as a treatment for cerebral adrenoleukodystrophy.