By Dhirendra Tripathi
Investing.com – Shares of Bluebird (NASDAQ:BLUE) jumped 7% Monday on news that a therapy the company has developed with Bristol-Myers (NYSE:BMY) to treat adults suffering from myeloma received approval by the U.S. Food and Drug Administration.
Shares of Bristol-Myers Squibb were flat.
‘Abecma’ will treat adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, according to a joint release by the two companies. It is a personalized immune cell therapy given as a one-time infusion.
Mizuho Securities analyst Difei Yang on Monday maintained a buy rating on Bluebird, expecting it to more than double to $70 from its current price.
J.P. Morgan’s Cory Kasimov has a hold on the shares with a target of $43.
The current consensus among 18 TipRanks analysts is for a rating of moderate buy, with an average price target of $44.33.
The analysts’ price targets range between $27 and $86.