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Analysts Weigh In on Two Biotechs: bluebird bio, inc. (BLUE), Agios Pharmaceuticals (AGIO)


Analysts are weighing in on biotech companies bluebird bio Inc (NASDAQ:BLUE) and Agios Pharmaceuticals Inc. (NASDAQ:AGIO), with mixed ratings. The iShares Biotechnology ETF (IBB) is trading more than 2.5 percent lower on Tuesday, as Wall Street digested a slew of corporate earnings reports.

bluebird bio Inc.

Yesterday afternoon, bluebird’s stock dropped 6.5% to $79.99; this is the lowest the stock has fallen this year. The slump was in response to the company’s presentation of an incremental update at the 10th Annual Cooley’s Anemia Foundation Symposium in Chicago. The company discussed its ongoing clinical study of HGB-205, which uses LentiGlobin® BB305 for treating severe sickle cell disease.

JP Morgan’s Cory Kasimov weighed in following the update, maintaining an Overweight rating without providing a price target. Simply put, Kasimov commented, “Bottom line, we see little read-through from this update to BLUE’s current programs given the improvements made in the vector and think the sudden sell-off is overdone.”

At the conference, the presenter provided an update on patient 1003 “a B-Thal patient who had been treated with the first-gen product in a prior proof-of-concept study.” Kasimov explains the update that negatively impacted the stock: “After 7 years of transfusion independence, patient 1003 recently required 2 blood transfusions after experiencing clinical anemia symptoms – though the expression of T87Q globin and the patients VCN (vector copy numbers) has remained largely unchanged.”

Referring to the sharp sell-off, Kasimov said, “We see the...