Investing
bluebird bio shares rally as Morgan Stanley believes lovo-cel likely to be approved by December PDUFA date
© Reuters. bluebird bio (BLUE) shares rally as Morgan Stanley believes lovo-cel likely to be approved by December PDUFA date
bluebird bio (BLUE) shares jumped Friday after Morgan Stanley analysts raised the stock to Equal-Weight from Underweight, lifting the price target to $7 from $3 per share.
BLUE shares are up more than 11% at the time of writing, trading at around $5.35.
The analysts said the firm believes lovo-cel is likely to be approved for sickle cell disease by the December 20 PDUFA date, and as a result, they have raised the stock’s rating.
“We believe that the stock is likely to continue to move up heading into the regulatory decision later this month. Longer term, we expect investor focus to return to the company’s launches for Skysona, Zynteglo, and lovo-cel, which we expect will continue to be gradual,” the analysts said.
“We raised our estimated lovo-cel drug price to $1.5M (from $1M). We lowered R&D expenses with the completion of the company’s studies, lowered COGS in the out years to incorporate management commentary that it can achieve a 70% gross margin, and raised SG&A expenses ahead of the expected lovo-cel launch in early 2024,” they explained.
Read the full article here
-
Passive Income6 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles7 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Side Hustles6 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles5 days ago
How to Be Unapologetically You and Why It Matters
-
Investing6 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles6 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles7 days ago
Why the Best Time to Sell Your Business Is When You Least Expect It
-
Investing4 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane