Morgan Stanley Cuts bluebird bio (NASDAQ:BLUE) Price Target to $3.00

bluebird bio (NASDAQ:BLUEGet Rating) had its price objective reduced by equities research analysts at Morgan Stanley to $3.00 in a research note issued on Tuesday, Stock Target Advisor reports. The brokerage presently has an “underweight” rating on the biotechnology company’s stock. Morgan Stanley’s target price indicates a potential downside of 13.79% from the company’s current price.

Other analysts have also issued research reports about the stock. Barclays dropped their price target on shares of bluebird bio from $4.00 to $3.00 in a research note on Tuesday, May 10th. Wells Fargo & Company decreased their price objective on shares of bluebird bio from $12.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, March 8th. SVB Leerink decreased their price objective on shares of bluebird bio from $10.00 to $8.00 and set a “market perform” rating for the company in a report on Wednesday, April 6th. Cowen downgraded shares of bluebird bio from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 6th. Finally, StockNews.com initiated coverage on shares of bluebird bio in a report on Thursday, March 31st. They issued a “sell” rating for the company. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, bluebird bio has an average rating of “Hold” and an average target price of $12.00.

Shares of NASDAQ:BLUE traded up $0.09 during midday trading on Tuesday, reaching $3.48. The company had a trading volume of 43,476 shares, compared to its average volume of 2,459,970. The stock’s fifty day moving average price is $4.40 and its 200-day moving average price is $7.72. The stock has a market capitalization of $248.65 million, a P/E ratio of -0.33 and a beta of 1.63. bluebird bio has a one year low of $3.11 and a one year high of $35.59.

bluebird bio (NASDAQ:BLUEGet Rating) last issued its quarterly earnings results on Monday, May 9th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.10). The company had revenue of $1.95 million during the quarter, compared to the consensus estimate of $0.17 million. bluebird bio had a negative return on equity of 111.73% and a negative net margin of 2,183.15%. The firm’s quarterly revenue was up 117.6% on a year-over-year basis. During the same quarter last year, the firm posted ($3.07) EPS. As a group, equities analysts anticipate that bluebird bio will post -4.59 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC lifted its holdings in bluebird bio by 345.0% in the fourth quarter. Lazard Asset Management LLC now owns 9,203 shares of the biotechnology company’s stock worth $91,000 after purchasing an additional 7,135 shares during the period. Rafferty Asset Management LLC lifted its holdings in bluebird bio by 116.4% in the third quarter. Rafferty Asset Management LLC now owns 174,274 shares of the biotechnology company’s stock worth $3,330,000 after purchasing an additional 93,739 shares during the period. Denali Advisors LLC acquired a new stake in bluebird bio in the fourth quarter worth about $101,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in bluebird bio in the third quarter worth about $342,000. Finally, UBS Asset Management Americas Inc. lifted its holdings in bluebird bio by 5.0% in the third quarter. UBS Asset Management Americas Inc. now owns 69,696 shares of the biotechnology company’s stock worth $1,332,000 after purchasing an additional 3,298 shares during the period. 96.38% of the stock is owned by institutional investors.

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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