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Bluebird (BLUE) Down 3.8% Since Last Earnings Report: Can It Rebound?
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It has been about a month since the last earnings report for Bluebird Bio (BLUE - Free Report) . Shares have lost about 3.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Bluebird due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
bluebird Q3 Loss Narrower Than Expected, Sales Miss
bluebird reported a loss of $2.94 per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of $3.07 and the year-ago quarter's loss of $3.73.
Revenues of $19.3 million missed the Zacks Consensus Estimate of $26 million. The figure grew from $8.9 million in the year-ago quarter.
Quarter in Detail
R&D expenses decreased to $140.4 million from $151.4 million a year ago due to a decline in manufacturing costs.
Selling, general and administrative (SG&A) expenses of $68 million were up from $66.3 million in the year-ago quarter due to costs incurred to support the company’s ongoing operations and growth of its pipeline.
Pipeline Development
The company remains on track to complete the rolling biologics license application (BLA) submission for betibeglogeneautotemcel (beti-cel; formerly LentiGlobin for β-thalassemia) in mid-2021.
In September 2020,bluebird and Bristol Myers Squibb announced that the FDA accepted for Priority Review their BLA for idecabtagenevicleucel (ide-cel; bb2121), the companies’ investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy.The FDA set an action date of Mar 27, 2021.
In September 2020, the company announced that its investigational pipeline candidate for sickle cell disease (SCD) gene therapy, LentiGlobin, was granted eligibility to the Priority Medicines (PRIME) program by the European Medicines Agency (EMA).
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 8.42% due to these changes.
VGM Scores
Currently, Bluebird has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Bluebird has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Bluebird (BLUE) Down 3.8% Since Last Earnings Report: Can It Rebound?
It has been about a month since the last earnings report for Bluebird Bio (BLUE - Free Report) . Shares have lost about 3.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Bluebird due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
bluebird Q3 Loss Narrower Than Expected, Sales Miss
bluebird reported a loss of $2.94 per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of $3.07 and the year-ago quarter's loss of $3.73.
Revenues of $19.3 million missed the Zacks Consensus Estimate of $26 million. The figure grew from $8.9 million in the year-ago quarter.
Quarter in Detail
R&D expenses decreased to $140.4 million from $151.4 million a year ago due to a decline in manufacturing costs.
Selling, general and administrative (SG&A) expenses of $68 million were up from $66.3 million in the year-ago quarter due to costs incurred to support the company’s ongoing operations and growth of its pipeline.
Pipeline Development
The company remains on track to complete the rolling biologics license application (BLA) submission for betibeglogeneautotemcel (beti-cel; formerly LentiGlobin for β-thalassemia) in mid-2021.
In September 2020,bluebird and Bristol Myers Squibb announced that the FDA accepted for Priority Review their BLA for idecabtagenevicleucel (ide-cel; bb2121), the companies’ investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy.The FDA set an action date of Mar 27, 2021.
In September 2020, the company announced that its investigational pipeline candidate for sickle cell disease (SCD) gene therapy, LentiGlobin, was granted eligibility to the Priority Medicines (PRIME) program by the European Medicines Agency (EMA).
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 8.42% due to these changes.
VGM Scores
Currently, Bluebird has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Bluebird has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.