bluebird bio, Inc. (NASDAQ:BLUE) Given “Sell” Rating at Cantor Fitzgerald
bluebird bio, Inc. (NASDAQ:BLUE)‘s stock had its “sell” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday. They currently have a $39.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective points to a potential downside of 59.40% from the stock’s previous close.
The analysts wrote, “LentiGlobin R&D, A Costly Endeavor. From 2014 to 2016, LentiGlobin has accounted for approximately $127 million in direct R&D expenditures. While these expenditures for LentiGlobin have been substantial, they remain only a portion of total direct R&D ($240 million) and reported accounting R&D ($401 million). Given the 23 patients dosed with the gene therapy by ASH 2016, LentiGlobin amounted to an expense of $5.5 million per patient dosed. We estimate approximately 127 patients could be required to complete development for these programs, amounting to a cost of ~$700 million. We believe R&D estimates could accelerate and model for a slightly increased burn over future years.””
BLUE has been the topic of a number of other reports. Zacks Investment Research cut bluebird bio from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. BTIG Research restated a “buy” rating and issued a $112.00 price objective on shares of bluebird bio in a research note on Thursday, June 1st. Wedbush restated an “outperform” rating on shares of bluebird bio in a research note on Tuesday, June 6th. Cowen and Company restated a “buy” rating on shares of bluebird bio in a research note on Friday, June 23rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $103.00 target price (down previously from $105.00) on shares of bluebird bio in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $100.02.
bluebird bio (NASDAQ BLUE) opened at 96.05 on Monday. The firm’s market capitalization is $3.93 billion. bluebird bio has a 1-year low of $37.05 and a 1-year high of $123.75. The company has a 50 day moving average of $103.56 and a 200 day moving average of $87.10.
bluebird bio (NASDAQ:BLUE) last released its earnings results on Wednesday, May 3rd. The biotechnology company reported ($1.68) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.76) by $0.08. bluebird bio had a negative return on equity of 35.17% and a negative net margin of 2,402.03%. The company had revenue of $6.83 million for the quarter, compared to analysts’ expectations of $1.51 million. On average, equities research analysts anticipate that bluebird bio will post ($6.70) earnings per share for the current year.
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In other bluebird bio news, insider Philip D. Gregory sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $99.04, for a total value of $148,560.00. Following the completion of the sale, the insider now owns 37,279 shares in the company, valued at $3,692,112.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Lynch sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $90.01, for a total value of $90,010.00. Following the completion of the sale, the director now owns 2,400 shares of the company’s stock, valued at approximately $216,024. The disclosure for this sale can be found here. Insiders sold 76,245 shares of company stock valued at $7,924,508 in the last quarter. Corporate insiders own 3.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. acquired a new position in shares of bluebird bio during the first quarter worth approximately $858,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of bluebird bio during the first quarter worth approximately $588,000. Usca Ria LLC acquired a new position in shares of bluebird bio during the first quarter worth approximately $707,000. Great West Life Assurance Co. Can increased its position in shares of bluebird bio by 28.5% in the first quarter. Great West Life Assurance Co. Can now owns 4,509 shares of the biotechnology company’s stock worth $409,000 after buying an additional 1,000 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC increased its position in shares of bluebird bio by 40.3% in the first quarter. Reynders McVeigh Capital Management LLC now owns 7,535 shares of the biotechnology company’s stock worth $685,000 after buying an additional 2,165 shares in the last quarter.
About bluebird bio
bluebird bio, Inc is a clinical-stage biotechnology company. The Company is focused on developing gene therapies for severe diseases and cancer. With its lentiviral-based gene therapy and gene editing capabilities, it has built an integrated product platform with various applications in these areas. The Company’s clinical programs in severe genetic diseases include its LentiGlobin product candidate to treat transfusion-dependent b-thalassemia and to treat severe sickle cell disease (SCD) and its Lenti-D product candidate to treat cerebral adrenoleukodystrophy (CALD).
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