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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 |
