bluebird bio (BLUE) PT Raised to $83 at BMO as bb2121 Shows Promising Efficacy, Clean Safety

BMO Capital analyst Matthew Luchini raised his price target on bluebird bio (NASDAQ: BLUE) to $83.00 (from $61.00) as bb2121 shows promising efficacy and clean saftey. The firm maintained a Market Perform rating.

Luchini commented, "We expect BLUE to open higher following release of impressive bb2121 Phase I data in a heavily pre-treated myeloma population, which showed an overall response rate of 78% including two stringent complete responses as well as a clean safety profile. Given strength of the data, we are adding bb2121 to our model, estimating peak sales of ~$3.6B (risk-adjusted 25% to $900mm) and increase our price target to $83. However, we maintain our Market Perform rating as we see only modest additional upside given the ~25% share price move after market."

For an analyst ratings summary and ratings history on bluebird bio click here. For more ratings news on bluebird bio click here.

Shares of bluebird bio closed at $60.35 yesterday.

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