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Msg  220452 of 220455  at  9/21/2018 2:05:43 PM  by


BLUE A best in breed “genome medicine” name

From Goldman Sachs today....
bluebird bio (BLUE)
A best in breed “genome medicine” name; Off the CL, remain Buy
We remove BLUE from the Americas Conviction List (CL) and
maintain our Buy rating with a $288, 12-month price target. Since
being added to the CL on October 6, 2017, BLUE has outperformed
(+11% vs. +5% NBI, +10% XBI, +15% S&P500) driven by
disruptive clinical results from a best-in-industry gene therapy/CAR T
pipeline (LentiGlobin, Lenti-D, bb2121). Importantly, our action today
is not driven by concerns around BLUE’s pipeline execution or
emerging competitive threats (where we believe BLUE remains at
an advantage having set a high clinical bar), but rather an
appreciation of key aspects of our investment thesis - execution on
the four late-stage clinical programs (transfusion-dependent
beta-thalassemia (TDT); sickle-cell disease (SCD);
relapsed/refractory multiple myeloma (r/r MM); cerebral
adrenoleukodystrophy (CALD)) and two of the three interrelated
technology platforms (gene therapy, cell therapy) - albeit we do not
view SCD as reflected in current valuation. That said, we retain our
Buy rating and view BLUE as one of the more attractive names in
our coverage.
We continue to view BLUE as a mature de-risked genome medicine
company that is positioned for three (Lenti-D in CALD, LentiGlobin in
TDT, bb2121 in r/r MM) likely drug approvals in 2019/2020, a
LentiGlobin pivotal program in SCD and optionality from a cancer
(CAR T/TCR)/gene editing (MegaTAL) pipeline in 2019+. Looking
forward, we recommend owning BLUE into the following 2H
catalysts: (1) update on the registrational/regulatory path for
LentiGlobin in SCD by YE; (2) follow-on LentiGlobin data in SCD at
ASH (December 1-4, San Diego); and (3) first look at next-generation
bb21217 Ph1 data in r/r MM at ASH.


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Msg # Subject Author Recs Date Posted
220453 Re: BLUE A best in breed “genome medicine” name Doolen 6 9/21/2018 2:55:42 PM

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