bluebird bio (NASDAQ:BLUE) Price Target Cut to $8.00

bluebird bio (NASDAQ:BLUEGet Rating) had its price objective decreased by equities researchers at Wedbush from $10.00 to $8.00 in a report issued on Tuesday, MarketBeat reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s target price would suggest a potential upside of 107.79% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Morgan Stanley dropped their price objective on bluebird bio from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Monday, March 7th. Cowen cut bluebird bio from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 6th. StockNews.com initiated coverage on bluebird bio in a research report on Thursday, March 31st. They set a “sell” rating on the stock. SVB Leerink dropped their target price on bluebird bio from $10.00 to $8.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 6th. Finally, Barclays dropped their target price on bluebird bio from $4.00 to $3.00 in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, bluebird bio has a consensus rating of “Hold” and an average price target of $12.14.

Shares of NASDAQ BLUE traded up $0.52 during midday trading on Tuesday, hitting $3.85. The company’s stock had a trading volume of 3,926,417 shares, compared to its average volume of 2,327,959. The business’s 50 day moving average is $4.51 and its two-hundred day moving average is $8.34. bluebird bio has a 12-month low of $3.30 and a 12-month high of $35.59. The firm has a market cap of $275.02 million, a P/E ratio of -0.32 and a beta of 1.63.

bluebird bio (NASDAQ:BLUEGet Rating) last announced its quarterly earnings data on Monday, May 9th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.56) by ($0.10). bluebird bio had a negative return on equity of 90.96% and a negative net margin of 1,839.27%. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $0.17 million. During the same period last year, the company earned ($3.07) EPS. The firm’s revenue for the quarter was up 117.6% compared to the same quarter last year. As a group, research analysts expect that bluebird bio will post -4.31 EPS for the current year.

A number of hedge funds have recently modified their holdings of BLUE. Sanders Morris Harris LLC purchased a new position in bluebird bio in the 1st quarter worth $62,000. Lazard Asset Management LLC raised its stake in bluebird bio by 345.0% in the 4th quarter. Lazard Asset Management LLC now owns 9,203 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 7,135 shares during the last quarter. Denali Advisors LLC purchased a new position in bluebird bio in the 4th quarter worth $101,000. Schonfeld Strategic Advisors LLC purchased a new position in bluebird bio in the 4th quarter worth $111,000. Finally, Point72 Hong Kong Ltd raised its stake in bluebird bio by 130.5% in the 3rd quarter. Point72 Hong Kong Ltd now owns 6,474 shares of the biotechnology company’s stock worth $124,000 after acquiring an additional 3,665 shares during the last quarter. Institutional investors own 96.38% of the company’s stock.

About bluebird bio (Get Rating)

bluebird bio, Inc, a biotechnology company, researches, develops, and commercializes transformative gene therapies for severe genetic diseases. Its product candidates for severe genetic diseases include betibeglogene autotemcel for the treatment of transfusion-dependent ß-thalassemia; lovotibeglogene autotemcel for the treatment of sickle cell disease (SCD); and elivaldogene autotemcel to treat cerebral adrenoleukodystrophy.

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