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bluebird (BLUE) Q1 Loss Wider Than Expected, Revenues Beat
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bluebird bio, Inc. (BLUE - Free Report) reported a loss of $3.07 per share for first-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $3.05 but narrower than the year-ago quarter's loss of $3.64.
Revenues of $12.8 million beat the Zacks Consensus Estimate of $11 million. The top line, however, declined 41.5% year over year due to a decrease in ide-cel license and manufacturing services revenues.
Shares of the company have plunged 32.5% in the year so far compared with the industry’s decrease of 6%.
Quarter in Detail
Research and development expenses increased to $154.5 million from $154.1 million recorded a year ago due to higher costs incurred through the amended collaboration with Bristol Myers Squibb (BMY - Free Report) .
Selling, general and administrative expenses of $86.9 million were up from $73.2 million in the year-ago quarter due to increased headcount and costs incurred to support the company’s ongoing operations and growth of its pipeline.
Recent Updates
In March 2021, the company along with partner Bristol Myers obtained an FDA approval for Abecma (idecabtagenevicleucel; ide-cel) as the first B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy for the treatment of adult patients with relapsed or refractory multiple myeloma. The company plans to treat the first patient with Abecma in the first half of 2021.
The approval is expected to lend a significant boost to bluebird on two counts because it marks its first-approved treatment in oncology as well as in the United States.
In February 2021, bluebird announced the temporary suspension of its phase I/II (HGB-206) and phase III (HGB-210) studies of LentiGlobin gene therapy for sickle cell disease (SCD) due to reported Suspected Unexpected Serious Adverse Reactions (SUSARs) of acute myeloid leukemia (AML). The company is investigating these events and plans to continue working closely with the FDA in their review of these events.
In March 2021, bluebird announced updated findings from the reported case of acute myeloid leukemia (AML) in LentiGlobin for SCDgene therapy program.
The company remains on track to complete its rolling biologics license application (BLA) submission to the FDA in mid-2021 for beti-cel.
Divestment
On Jan 11, 2021, bluebird announced its plans to separate its severe genetic disease and oncology businesses into two independent publicly-traded companies (bluebird bio and Oncology Newco, which is now known as 2seventy bio). The spin-off is expected to be completed by 2021-end.
bluebird bio, Inc. Price, Consensus and EPS Surprise
ASLAN Pharmaceuticals’ loss per share estimates have narrowed 26.3% for 2021 and 43.9% for 2022 over the past 60 days. The stock has surged 59% year to date.
Nabriva Therapeutics’ loss per share estimates have narrowed 40.9% for 2021 and 45.3% for 2022 over the past 60 days.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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bluebird (BLUE) Q1 Loss Wider Than Expected, Revenues Beat
bluebird bio, Inc. (BLUE - Free Report) reported a loss of $3.07 per share for first-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $3.05 but narrower than the year-ago quarter's loss of $3.64.
Revenues of $12.8 million beat the Zacks Consensus Estimate of $11 million. The top line, however, declined 41.5% year over year due to a decrease in ide-cel license and manufacturing services revenues.
Shares of the company have plunged 32.5% in the year so far compared with the industry’s decrease of 6%.
Quarter in Detail
Research and development expenses increased to $154.5 million from $154.1 million recorded a year ago due to higher costs incurred through the amended collaboration with Bristol Myers Squibb (BMY - Free Report) .
Selling, general and administrative expenses of $86.9 million were up from $73.2 million in the year-ago quarter due to increased headcount and costs incurred to support the company’s ongoing operations and growth of its pipeline.
Recent Updates
In March 2021, the company along with partner Bristol Myers obtained an FDA approval for Abecma (idecabtagenevicleucel; ide-cel) as the first B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy for the treatment of adult patients with relapsed or refractory multiple myeloma. The company plans to treat the first patient with Abecma in the first half of 2021.
The approval is expected to lend a significant boost to bluebird on two counts because it marks its first-approved treatment in oncology as well as in the United States.
In February 2021, bluebird announced the temporary suspension of its phase I/II (HGB-206) and phase III (HGB-210) studies of LentiGlobin gene therapy for sickle cell disease (SCD) due to reported Suspected Unexpected Serious Adverse Reactions (SUSARs) of acute myeloid leukemia (AML). The company is investigating these events and plans to continue working closely with the FDA in their review of these events.
In March 2021, bluebird announced updated findings from the reported case of acute myeloid leukemia (AML) in LentiGlobin for SCDgene therapy program.
The company remains on track to complete its rolling biologics license application (BLA) submission to the FDA in mid-2021 for beti-cel.
Divestment
On Jan 11, 2021, bluebird announced its plans to separate its severe genetic disease and oncology businesses into two independent publicly-traded companies (bluebird bio and Oncology Newco, which is now known as 2seventy bio). The spin-off is expected to be completed by 2021-end.
bluebird bio, Inc. Price, Consensus and EPS Surprise
bluebird bio, Inc. price-consensus-eps-surprise-chart | bluebird bio, Inc. Quote
Zacks Rank and Stocks to Consider
bluebird currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector include ASLAN Pharmaceuticals Limited (ASLN - Free Report) and Nabriva Therapeutics AG , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ASLAN Pharmaceuticals’ loss per share estimates have narrowed 26.3% for 2021 and 43.9% for 2022 over the past 60 days. The stock has surged 59% year to date.
Nabriva Therapeutics’ loss per share estimates have narrowed 40.9% for 2021 and 45.3% for 2022 over the past 60 days.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>