Bluebird Bio Inc. (BLUE) Sees Large Volume Increase Following Analyst Upgrade
Bluebird Bio Inc. (NASDAQ:BLUE) saw unusually-strong trading volume on Friday after Leerink Swann raised their price target on the stock from $67.00 to $80.00. Leerink Swann currently has an outperform rating on the stock. Approximately 2,696,807 shares traded hands during trading, an increase of 69% from the previous session’s volume of 1,597,823 shares.The stock last traded at $57.38 and had previously closed at $65.24.
Several other brokerages have also issued reports on BLUE. Vetr raised Bluebird Bio from a “buy” rating to a “strong-buy” rating and set a $44.44 target price for the company in a research note on Monday, June 27th. BTIG Research reaffirmed a “buy” rating and issued a $72.00 target price on shares of Bluebird Bio in a research note on Wednesday, June 29th. Jefferies Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Bluebird Bio in a research note on Friday, July 8th. Wedbush reaffirmed an “outperform” rating and issued a $117.00 target price on shares of Bluebird Bio in a research note on Wednesday, August 3rd. Finally, Maxim Group reaffirmed a “buy” rating and issued a $85.00 target price (down previously from $105.00) on shares of Bluebird Bio in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Bluebird Bio presently has an average rating of “Buy” and an average target price of $90.82.
In related news, insider Eric Sullivan sold 2,807 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $45.04, for a total transaction of $126,427.28. Following the completion of the transaction, the insider now owns 4,656 shares in the company, valued at $209,706.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of BLUE. Seven Eight Capital LLC purchased a new position in Bluebird Bio during the first quarter worth about $108,000. Quantbot Technologies LP increased its position in Bluebird Bio by 431.3% in the second quarter. Quantbot Technologies LP now owns 2,848 shares of the company’s stock worth $123,000 after buying an additional 2,312 shares during the period. First Mercantile Trust Co. purchased a new position in Bluebird Bio during the third quarter worth about $129,000. BlackRock Inc. increased its position in Bluebird Bio by 341.0% in the first quarter. BlackRock Inc. now owns 4,569 shares of the company’s stock worth $194,000 after buying an additional 3,533 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in Bluebird Bio by 110.5% in the third quarter. BNP Paribas Arbitrage SA now owns 3,084 shares of the company’s stock worth $209,000 after buying an additional 1,619 shares during the period.
The stock’s market capitalization is $2.12 billion. The stock has a 50-day moving average price of $63.52 and a 200-day moving average price of $50.81.
Bluebird Bio (NASDAQ:BLUE) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($1.59) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.44) by $0.15. Bluebird Bio had a negative net margin of 3,512.13% and a negative return on equity of 24.85%. The business had revenue of $1.55 million for the quarter, compared to analysts’ expectations of $2.01 million. During the same quarter in the previous year, the firm earned ($1.57) EPS. Bluebird Bio’s revenue was down 68.6% compared to the same quarter last year. Analysts forecast that Bluebird Bio Inc. will post ($6.19) EPS for the current year.
About Bluebird Bio
bluebird bio, Inc is a biotechnology company. The Company is focused on developing transformative gene therapies for severe genetic and rare diseases and in the field of T cell-based immunotherapy. Its gene therapy clinical programs include LentiGlobin product candidate to treat transfusion-dependent B-thalassemia (TDT) and severe sickle cell disease (SCD), and Lenti-D product candidate to treat cerebral adrenoleukodystrophy (CALD), a rare hereditary neurological disorder.
Receive News & Stock Ratings for Bluebird Bio Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bluebird Bio Inc. and related stocks with our FREE daily email newsletter.