CRSP - Bluebird bio extends losses amid analyst downgrades following trial pause

bluebird bio ([[BLUE]] -35.3%) keeps plunging as analyst downgrades pile up after the company’s pre-market announcement of the temporary suspension of two clinical trials for its gene therapy candidate, LentiGlobin (“LG”) in sickle cell disease.In the Phase 1/2 (HGB-206) trial, the company noted a recently reported Suspected Unexpected Serious Adverse Reaction (“SUSAR”) of acute myeloid leukemia and a second SUSAR of myelodysplastic syndrome reported in the previous week.Oppenheimer, Wedbush, RBC Capital Markets, Mizuho Securities, and William Blair have all slashed the ratings on the stock. The price targets range from ~$29.00 - $34.00 per share.Bank of America also weighed in on the company prospects with a downgrade to neutral from buy. The price target of $40 per share indicates ~12.6% downside to the previous close.The pullback in shares ‘effectively strips LG entirely out of the stock (by our estimation),’ the analyst argues, adding that the company could proceed with clinical and commercial activities

For further details see:

Bluebird bio extends losses amid analyst downgrades following trial pause