Bluebird bio Inc (NASDAQ:BLUE) shares are punging in pre-market trading this morning as the company reported results that were less than ideal for their Lentiglobin gene therapy to treat sickle cell patients. Their therapy on Sunday was shown to only produce a small quantity of fuctioning red blood cells. This data was revealed at the American Society of Hematology (ASH) annual meeting in Orlando, Fla.
“The follow-up time in these sickle patients is short and there are other factors which help explain the sub-optimal response to Lentiglobin,” said Bluebird bio Inc (NASDAQ:BLUE) CEO Nick Leschly
Shares are trading down 31% in the pre-market this morning as investors seem to be running for the exits. The stock increased 6.42% or $5.05 during the last trading session, hitting $83.66. About 107,809 shares traded hands. BLUE has declined 38.93% since May 4, 2015 and is downtrending. It has underperformed the S&P500 by 38.73%.
From a total of 6 analysts covering bluebird bio (NASDAQ:BLUE) stock, 6 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $244 while the lowest target price is $108. The mean of all analyst targets is $169 which is 102.01% above today’s ($83.66) stock price. bluebird bio was the topic of 11 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs initiated shares on November 18 with a “Buy” rating. JP Morgan maintained shares with a”Overweight” rating and a $244 target share price in their report from an August 24. Jefferies initiated BLUE stock in a recent report from October 23 with a “Buy” rating. Roth Capital maintained the rating on August 15. Roth Capital has a “Buy” rating and a $192 price target on shares. Finally, Morgan Stanley upgraded the stock to a “Overweight” rating in a report they issued on an October 5.
The institutional sentiment decreased to 1.1 in Q2 2015. It’s down 0.30, from 1.4 in 2015Q1. The ratio is negative, as 26 funds sold all their bluebird bio Inc shares they owned while 83 reduced their positions. 56 funds bought stakes while 64 increased their total positions. Institutions now own 34.50 million shares which is 11.43% more than the previous share count of 30.96 million in 2015Q1.
Alpinvest Partners B.V. holds 6.88% of its total portfolio in bluebird bio Inc, equating to 32,284 shares. Rtw Investments Llc owns 105,000 shares representing 5.15% of their total US portfolio. Moreover, Eventide Asset Management Llc has 3.67% of their total portfolio invested in the company, equating to 402,800 shares. The New York-based Apis Capital Advisors Llc has a total of 3.5% of their portfolio invested in the stock. Hamilton Lane Advisors Llc, a Pennsylvania-based fund reported 53,808 shares owned.
bluebird bio, Inc. is a clinical-stage biotechnology company. The company has a market cap of $3.07 billion. The Firm is focused on developing and commercializing products based on the transformative potential of gene therapy to treat patients with severe genetic diseases and cancer. It currently has negative earnings. The Company’s products include Lenti-D, LentiGlobin and CAR T Cells.