bluebird bio Sees Price Target Cut to $7 by Robert W. Baird

Equity analysts at Robert W. Baird have revised their price target for bluebird bio (NASDAQ:BLUE) stock from the previous $10.00 to now $7.00. Despite the price target reduction, Robert W. Baird maintains an 'outperform' rating on the shares, implying a significant 153.62% potential upside from the current trading price, according to a report released on Tuesday covered by Benzinga.

Brokerage Consensus on bluebird bio

bluebird bio has been subject to various analysts' scrutiny. Raymond James upgraded their target to $13.00 alongside an 'outperform' rating. Conversely, Morgan Stanley lifted the stock from 'underweight' to 'equal weight' and set a target price of $7.00. Not all analysts are bullish; HSBC downgraded the stock from 'hold' to 'reduce', and it holds a 'sell' rating by StockNews.com. A mix of sell, hold, and buy ratings lead to a consensus 'Hold' standing for bluebird bio with an average price target of $7.92, echoes MarketBeat data.

Trading and Company Financials

On the trading front, bluebird bio saw its shares decline by $0.31 during a recent session, landing at $2.76. The company's stock has fluctuated between a twelve-month low of $2.52 and a high of $8.52, with a current market capitalization of approximately $301.78 million. The P/E ratio stands at -3.76, reflecting investor caution around profitability forecasts.

In terms of financial performance, bluebird bio delivered a narrower loss of $0.66 per share for the recent quarter, better than the expected $0.69 loss per share. Revenues soared to $12.40 million, signaling a strong year-over-year growth. However, challenges persist with a deep negative net margin and a negative return on equity reported by the company.

Influential Investors' Moves

Institutional investors have made significant adjustments in their holdings of bluebird bio shares. State Street Corp substantially increased its stake, owning 17.8 million shares valued at over $56 million. BlackRock Inc. and other key investors like Granahan Investment Management, Vanguard Group, and Pictet Asset Management also adjusted their positions, indicating institutional belief in the company's long-term prospects despite recent struggles.

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