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Joseph Vittiglio, the Chief Business and Legal Officer of bluebird bio, Inc. (NASDAQ:BLUE), recently sold 238 shares of the company’s common stock. According to InvestingPro data, this transaction comes at a time when the stock has experienced significant volatility, with shares down nearly 65% over the past six months and currently trading at $6.96, well below their 52-week high of $38.40. The shares were sold at an average price of $7.3925, generating approximately $1,759 in total proceeds. This transaction was undertaken to cover tax withholding obligations related to the vesting of Restricted Stock Units. Following the sale, Vittiglio retains ownership of 4,501 shares in the company. The sale price ranged from $7.27 to $7.55 per share. Based on InvestingPro analysis, the company appears undervalued at current levels, though investors should note that bluebird bio faces significant challenges, including rapid cash burn and weak profit margins. InvestingPro subscribers have access to 13 additional key insights and a comprehensive Pro Research Report that provides deep-dive analysis of the company’s financial health and future prospects.
In other recent news, Bluebird Bio has been the subject of several financial adjustments and analyses. RBC Capital Markets lowered the company’s stock target from $80 to $8, maintaining a Sector Perform rating, following reports of adverse events related to Bluebird Bio’s treatments. In a similar vein, Baird reduced the company’s share target to $54 from $120 due to anticipated near-term dilution, while still expressing belief in the company’s long-term prospects.
Further, BofA Securities downgraded Bluebird Bio’s stock from Buy to Neutral and reduced the price target to $0.50 following the company’s third-quarter update. This was mainly attributed to lower revenue expectations for their key product, Lyfgenia. JPMorgan also issued a downgrade, shifting its rating from Neutral to Underweight, following the company’s third-quarter financial results which revealed a loss per share of $0.31 and a reduced cash runway.
During the company’s Third Quarter 2024 Earnings Call, CEO Andrew Obenshain announced an increase in patient starts and a path to cash flow breakeven by the second half of 2025. Despite a decline in Q3 revenue to $10.6 million from $16.1 million in Q2, the company forecasts a rebound to at least $25 million in Q4. These recent developments provide an updated view of Bluebird Bio’s financial and operational status.
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