bluebird bio Now Covered by Analysts at Canaccord Genuity (BLUE)

Canaccord Genuity began coverage on shares of bluebird bio (NASDAQ: BLUE) in a report released on Monday, reports. The firm issued a buy rating and a $45.00 price objective on the stock.

“bluebird is defined by its gene therapy platform – a novel approach that uses a vector (modified virus) to add functioning genes to a patient’s own stem cells, which are then reinfused back into the body. Gene therapy has the potential to be highly disruptive given the promise to cure any disease caused by disruption of a single gene, with one treatment. The lead product is Lenti-D for childhood cerebral adrenoleukodystrophy (CCALD), an orphan, genetic CNS disorder, to enter a pivotal P2/3 trial by YE13. We are optimistic on this trial given physician diligence and a P1/2 trial where three of four boys treated with an earlier version of the vector (~3x less potent) demonstrated disease stabilization and no neurological defects. The second product, LentiGlobin for treatment of beta-thalassemia and sickle cell disease (SCD), rare genetic blood disorders, has potential to treat a larger population, but is less proven in the clinic (one of three patients achieved transfusion independence): one P1/2 trial recently initiated (E.U.) and the U.S. study is on tap for mid-2013 (newer vector likely to provide improved outcomes).,” the firm’s analyst commented.

Canaccord Genuity has also taken action a number of other stocks recently. The firm lowered its price target on shares of Mag Silver Corp from C$15.25 to C$10.80. Also, Canaccord Genuity downgraded shares of New Gold from a buy rating to a hold rating. Their analysts now have a $7.75 price target on that stock, down previously from $11.00. Finally, Canaccord Genuity reiterated its buy rating on shares of Rio Tinto.

Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase Co. initiated coverage on shares of bluebird bio in a research note to investors on Monday. They set an overweight rating and a $44.00 price target on the stock. Analysts at Bank of America Corp. initiated coverage on shares of bluebird bio in a research note to investors on Monday. They set a buy rating and a $42.00 price target on the stock.

Five investment analysts have rated the stock with a buy rating, The stock has an average rating of Buy and a consensus target price of $43.67.

bluebird bio (NASDAQ: BLUE) traded up 1.11% on Monday, hitting $35.39. bluebird bio has a 52-week low of $24.00 and a 52-week high of $36.13. The stock’s 50-day moving average is currently $28.27. The company’s market cap is $807.2 million.

bluebird bio, Inc is a clinical-stage biotechnology company, the Company is focused on transforming the lives of patients with severe genetic and orphan diseases using gene therapy.

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