Yesterday the entire biotech sector seemed to be down big, but today some of those stocks are bouncing back quite strongly, including that of bluebird bio Inc (NASDAQ:BLUE). Shares of bluebird bio plunged nearly 20% yesterday on the general sector crash, as well as news that the company likely would not be providing an update on their gene therapy trials until December.
Today, however, as bluebird bio Inc (NASDAQ:BLUE) prepares to present at the 34th annual J.P. Morgan Healthcare Conference at 7 p.m. ET, the stock has rallied over 11%, to regain a decent chunk of the market cap that it had lost yesterday. While this is great news for shareholders, the stock still remains down over 40% in the last six weeks, and the overall downtrend seems to be continuing.
The stock is up 11.73% or $5.24 following the news, hitting $49.88 per share. About 210,574 shares traded hands. BLUE has declined 76.33% since June 8, 2015 and is downtrending. It has underperformed the S&P500 by 71.64%.
From a total of 10 analysts covering bluebird bio (NASDAQ:BLUE) stock, 8 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 80% of the ratings are positive. The highest target price is $244 while the lowest target price is $14. The mean of all analyst targets is $118.14 which is 136.85% above today’s ($49.88) stock price. bluebird bio was the topic of 18 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Stifel Nicolaus initiated shares on December 17 with a “Buy” rating. Roth Capital initiated shares with a”Buy” rating and a $121 target share price in their report from a December 3. Bank of America downgraded BLUE stock in a recent report from December 7 to a “Neutral” rating. TH Capital initiated the rating on December 3. TH Capital has a “Buy” rating and a $121 price target on shares. Finally, Wells Fargo initiated the stock with a “Outperform” rating in a report they issued on a December 4.
The institutional sentiment decreased to 1.01 in Q2 2015. It’s down 0.09, from 1.1 in 2015Q2. The ratio worsened, as 61 funds sold all their bluebird bio Inc shares they owned while 54 reduced their positions. 24 funds bought stakes while 92 increased their total positions. Institutions now own 45.41 million shares which is 31.61% more than the previous share count of 34.50 million in 2015Q2.
Alpinvest Partners B.V. holds 7.79% of its total portfolio in bluebird bio Inc, equating to 46,264 shares. Rtw Investments Llc owns 149,325 shares representing 4.03% of their total US portfolio. Moreover, Apis Capital Advisors Llc has 3.65% of their total portfolio invested in the company, equating to 30,870 shares. The Hong Kong-based Parametrica Management Ltd has a total of 2.2% of their portfolio invested in the stock. Eventide Asset Management Llc, a Massachusetts-based fund reported 419,600 shares owned.
bluebird bio, Inc. is a clinical-stage biotechnology company. The company has a market cap of $1.83 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.