Bluebird down after Q3 revenue misses estimates, BofA cuts rating

bluebird bio

15/11/2024 16:25

** Shares of gene therapy developer bluebird bio Inc
 BLUE.O  fall ~10% to record low of 32 cents
    ** On Thursday, co posted Q3 sales of $10.6 mln, missing
analysts est of $18.1 mln - LSEG data
    ** BofA Global Research downgrades BLUE to "neutral" from
"buy" and cuts its estimate for peak revenue of Lyfgenia, co's
gene therapy for sickle cell disease, to $540 mln from $730 mln
    ** Brokerage also cuts its estimate for co's 2025 revenue to
$150 mln from ~$190 mln
    ** Lyfgenia received FDA approval in Dec last year, making
it the biggest product for BLUE so far due to large patient
population
    ** Two of 11 brokerages rate the stock "buy" or higher, 6
"hold" and 3 "sell; their median PT is $1.51 - LSEG data
    ** BLUE stock down ~76% YTD, including session gains

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com))