Bluebird Bio Receives a New Rating from Top Analyst

By Carrie Williams

Leerink Swann analyst Michael Schmidt reiterated a Buy rating on Bluebird Bio (NASDAQ: BLUE) yesterday. The company’s shares opened today at $74.50.

Schmidt observed:

“We are reiterating our OP rating as we are positive on BLUE’s outlook and stock.”

According to TipRanks.com, Schmidt is a top 100 analyst with an average return of 23.0% and a 60.4% success rate. Schmidt covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals Inc, Adaptimmune Therapeutics, and Karyopharm Therapeutics.

Currently, the analyst consensus on Bluebird Bio is Strong Buy and the average price target is $93, representing a 24.8% upside.

In a report issued on November 23, Janney Montgomery also reiterated a Buy rating on the stock.

Based on Bluebird Bio’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $1.55 million and GAAP net loss of $77.03 million. In comparison, last year the company earned revenue of $1.32 million and had a GAAP net loss of $42.92 million.

Based on the recent corporate insider activity of 31 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 June 2016, Nick Leschly, the President & CEO of BLUE bought 19,826 shares for a total of $76,173.

bluebird bio, Inc. is a clinical-stage biotechnology company. Its integrated product platform includes gene therapy, cancer immunotherapy, and gene editing. The company was founded by Philippe Leboulch and Ronald C. Dorazio on April 16, 1992 and is headquartered in Cambridge, MA.