bluebird bio (BLUE) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of bluebird bio (NASDAQ:BLUE) from a buy rating to a hold rating in a research note released on Friday morning.

According to Zacks, “bluebird’s progress with its pipeline is encouraging. bluebird has an impressive pipeline of gene therapies for genetic diseases and cancer. LentiGlobin looks promising. The company’s collaboration with Regeneron is encouraging as it provides the company with funds. bluebird is also developing CAR T therapies in collaboration with Celgene for myeloma. The CAR T market holds potential and the successful development of the candidates will positively impact the company’s results. Celgene is expected to initiate a phase III study on bb2121 in third-line multiple myeloma shortly. Hence, we expect investors to focus on pipeline updates. bluebird does not have any approved products in its portfolio and an unfavorable outcome from any of the ongoing studies will be huge setback. Shares have underperformed the industry in the year so far.”

Other analysts have also issued reports about the stock. Maxim Group restated a hold rating on shares of bluebird bio in a research report on Monday, August 6th. ValuEngine lowered shares of bluebird bio from a strong-buy rating to a buy rating in a research report on Monday, September 17th. Cantor Fitzgerald set a $122.00 target price on shares of bluebird bio and gave the company a sell rating in a research report on Monday, August 6th. Piper Jaffray Companies restated a buy rating on shares of bluebird bio in a research report on Sunday, November 4th. Finally, BidaskClub lowered shares of bluebird bio from a hold rating to a sell rating in a research report on Tuesday, September 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $200.80.

Shares of BLUE stock opened at $116.50 on Friday. bluebird bio has a 52 week low of $102.21 and a 52 week high of $236.17. The company has a market capitalization of $6.72 billion, a PE ratio of -15.11 and a beta of 2.37.

bluebird bio (NASDAQ:BLUE) last announced its earnings results on Thursday, November 1st. The biotechnology company reported ($2.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.90) by $0.17. The company had revenue of $11.50 million during the quarter, compared to analyst estimates of $6.90 million. bluebird bio had a negative net margin of 1,326.02% and a negative return on equity of 31.50%. The firm’s quarterly revenue was up 49.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.73) earnings per share. On average, research analysts anticipate that bluebird bio will post -10.57 EPS for the current fiscal year.

In other bluebird bio news, insider David Davidson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $139.32, for a total value of $696,600.00. Following the completion of the transaction, the insider now directly owns 29,905 shares in the company, valued at $4,166,364.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Philip D. Gregory sold 1,800 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $137.38, for a total transaction of $247,284.00. Following the completion of the transaction, the insider now owns 31,971 shares of the company’s stock, valued at $4,392,175.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,600 shares of company stock valued at $2,443,947. Company insiders own 3.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of BLUE. FMR LLC lifted its holdings in shares of bluebird bio by 8.1% in the third quarter. FMR LLC now owns 8,123,687 shares of the biotechnology company’s stock worth $1,186,058,000 after buying an additional 605,797 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of bluebird bio by 8.1% in the third quarter. Capital Research Global Investors now owns 6,634,317 shares of the biotechnology company’s stock worth $968,610,000 after buying an additional 494,787 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of bluebird bio by 10.1% in the third quarter. Vanguard Group Inc. now owns 4,619,413 shares of the biotechnology company’s stock worth $674,435,000 after buying an additional 422,866 shares in the last quarter. Capital World Investors lifted its holdings in shares of bluebird bio by 37.4% in the third quarter. Capital World Investors now owns 3,425,687 shares of the biotechnology company’s stock worth $500,150,000 after buying an additional 931,932 shares in the last quarter. Finally, Capital International Investors lifted its holdings in shares of bluebird bio by 188.6% in the third quarter. Capital International Investors now owns 3,260,636 shares of the biotechnology company’s stock worth $476,053,000 after buying an additional 2,130,927 shares in the last quarter.

About bluebird bio

bluebird bio, Inc, a clinical-stage biotechnology company, focuses on developing transformative gene therapies for severe genetic diseases and cancer. Its product candidates include Lenti-D that is in Phase II/III clinical trials for the treatment of cerebral adrenoleukodystrophy, a rare hereditary neurological disorder; and LentiGlobin, which is in various clinical studies for the treatment of transfusion- transfusion-dependent ß-thalassemia and severe sickle cell disease.

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