bluebird bio (BLUE) Stock: $10 Price Target And Neutral Rating

By Amit Chowdhry ● Mar 7, 2022
  • The shares of bluebird bio Inc (NASDAQ: BLUE) have received a $10 price target from Wedbush. These are the details.

The shares of bluebird bio Inc (NASDAQ: BLUE) have received a $10 price target from Wedbush. And Wedbush analyst David Nierengarten is maintaining a “Neutral” rating on the shares.

Last week, bluebird bio reported its fourth quarter and full-year 2021 financial results. These were the highlights:

— The company’s restricted cash, cash and cash equivalents and marketable securities balance was approximately $442 million, including restricted cash of approximately $46 million, as of December 31, 2021. The full-year 2022 cash burn is expected to be less than $400 million. 

— The company is exploring multiple financing opportunities, including plans for the sale of priority review vouchers, which the Company would be eligible to receive upon potential approval of beti-cel and eli-cel in 2022, while focusing on further cost efficiencies.

— The total revenue from continuing operations was $1.6 million and $3.7 million for the three and twelve months ended December 31, 2021, respectively. And the company did not recognize revenue from continuing operations in 2020.

— Research and development expenses from continuing operations were $79.4 million for the three months ended December 31, 2021, compared to $58.8 million for the three months ended December 31, 2020. And research and development expenses were $319.9 million for the twelve months ended December 31, 2021, compared to $319.3 million for the twelve months ended December 31, 2020.

— Selling, general and administrative expenses from continuing operations were $53.2 million for the three months ended December 31, 2021, compared to $80.6 million for the three months ended December 31, 2020. Selling, general and administrative expenses were $210.0 million for the twelve months ended December 31, 2021, compared to $240.0 million for the twelve months ended December 31, 2020.

— Net loss from continuing operations was $132.3 million for the three months ended December 31, 2021, compared to $136.3 million for the three months ended December 31, 2020. And the net loss from continuing operations was $562.6 million for the twelve months ended December 31, 2021, compared to $561.1 million for the twelve months ended December 31, 2020.

CFO Change

On March 4, 2022, Gina Consylman, Chief Financial Officer and Treasurer and the principal financial officer of bluebird bio, provided notice of her resignation from bluebird, effective April 3, 2022. And the company expects to appoint Jason F. Cole, the company’s Chief Business Officer, to serve as principal financial officer.

Jason F. Cole, 48, was appointed as bluebird’s Chief Business Officer in November 2021. Cole previously served as bluebird’s Chief Operating and Legal Officer from February 2019 to November 2021. Prior to this role, Cole served as bluebird’s Chief Legal Officer since March 2016. Cole received an A.B. in Government from Dartmouth College and a J.D. from Columbia University School of Law.

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