We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
bluebird (BLUE) Q3 Earnings Top, Revenues Miss Estimates
Read MoreHide Full Article
bluebird bio, Inc. (BLUE - Free Report) reported an adjusted loss of 92 cents per share (excluding restructuring charges) from continued operations for the third quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of $1.28. In the year-ago quarter, BLUE had posted a loss of $2.52 from continued operations.
Revenues from continued operations were $0.07 million, which missed the Zacks Consensus Estimate of $2 million.
In November 2021, BLUE completed the separation of the oncology business into an independent entity called 2seventy bio, Inc. (TSVT - Free Report) . We note that TSVT has been listed on the Nasdaq since November 2021.
Shares of BLUE have plunged 31.9% so far this year compared with the industry’s 21.8% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses from continuing operations decreased to $53.1 million from $73.7 million a year ago.
Selling, general and administrative expenses from continuing operations were $33.4 million, down from $42.2 million in the year-ago quarter.
As of Sep 30, 2022, bluebird had cash, cash equivalents and marketable securities balance of approximately $141 million. In addition, the company ended the quarter with $45 million in restricted cash.
As of Sep 30, 2022, BLUE raised approximately $54.1 million in net proceeds through its At-the-Market (ATM) equity facility. Of this $54.1 million, $46.1 million in net proceeds were realized in the third quarter. The company expects its cash, cash equivalents and marketable securities, together with the anticipated release of $40 million of the restricted cash in the fourth quarter of 2022, to be sufficient to meet bluebird’s planned operating expenses and capital expenditure requirements into the second quarter of 2023.
bluebird bio, Inc. Price, Consensus and EPS Surprise
It was an eventful quarter overall. In August 2022, the FDA approved Zynteglo (betibeglogene autotemcel), a one-time gene therapy custom-designed to treat the underlying genetic cause of beta thalassemia in adult and pediatric patients who require regular red blood cell transfusions.
The company made significant progress on its first commercial launch in the United States and remains on track for its first apheresis (cell collection) in the fourth quarter of this year.
In September, the FDA granted accelerated approval to Skysona (elivaldogene autotemcel) to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy.
Concurrently, the previous clinical hold on the eli-cel clinical development program was lifted.
The company anticipates the first commercial Zynteglo infusion in the first quarter of 2023 and will realize revenue upon infusion. bluebird anticipates that Skysona will be ready for commercial launch in the fourth quarter of 2023.
The company received two Priority Review Vouchers (PRVs) following the FDA approvals of Zynteglo and Skysona and is exploring options to monetize both PRVs.
The company expects to complete vector and drug product analytical comparability for the biologics license application (BLA) for lovo-cel for sickle cell disease in the fourth quarter of 2022 and remains on track to submit the same in the first quarter of 2023.
The company remains in active dialogue with the regulatory body about the resolution of the partial clinical hold for patients under 18.
Zacks Rank & Stocks to Consider
bluebird currently has a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the healthcare sector are Puma Biotechnology (PBYI - Free Report) and Dynavax (DVAX - Free Report) . While Puma sports a Zacks Rank #1 (Strong Buy), Dynavax carries a Zacks Rank# 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, loss estimates for Puma have narrowed to 6 cents from 16 cents. Puma also surpassed estimates in three of the trailing four quarters, the average being 317.57%.
Earnings estimates for Dynavax have increased to $1.80 from $1.50 for 2022 over the past 90 days. Earnings of Dynavax surpassed estimates in two of the trailing four quarters.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
bluebird (BLUE) Q3 Earnings Top, Revenues Miss Estimates
bluebird bio, Inc. (BLUE - Free Report) reported an adjusted loss of 92 cents per share (excluding restructuring charges) from continued operations for the third quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of $1.28. In the year-ago quarter, BLUE had posted a loss of $2.52 from continued operations.
Revenues from continued operations were $0.07 million, which missed the Zacks Consensus Estimate of $2 million.
In November 2021, BLUE completed the separation of the oncology business into an independent entity called 2seventy bio, Inc. (TSVT - Free Report) . We note that TSVT has been listed on the Nasdaq since November 2021.
Shares of BLUE have plunged 31.9% so far this year compared with the industry’s 21.8% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses from continuing operations decreased to $53.1 million from $73.7 million a year ago.
Selling, general and administrative expenses from continuing operations were $33.4 million, down from $42.2 million in the year-ago quarter.
As of Sep 30, 2022, bluebird had cash, cash equivalents and marketable securities balance of approximately $141 million. In addition, the company ended the quarter with $45 million in restricted cash.
As of Sep 30, 2022, BLUE raised approximately $54.1 million in net proceeds through its At-the-Market (ATM) equity facility. Of this $54.1 million, $46.1 million in net proceeds were realized in the third quarter. The company expects its cash, cash equivalents and marketable securities, together with the anticipated release of $40 million of the restricted cash in the fourth quarter of 2022, to be sufficient to meet bluebird’s planned operating expenses and capital expenditure requirements into the second quarter of 2023.
bluebird bio, Inc. Price, Consensus and EPS Surprise
bluebird bio, Inc. price-consensus-eps-surprise-chart | bluebird bio, Inc. Quote
Recent Updates
It was an eventful quarter overall. In August 2022, the FDA approved Zynteglo (betibeglogene autotemcel), a one-time gene therapy custom-designed to treat the underlying genetic cause of beta thalassemia in adult and pediatric patients who require regular red blood cell transfusions.
The company made significant progress on its first commercial launch in the United States and remains on track for its first apheresis (cell collection) in the fourth quarter of this year.
In September, the FDA granted accelerated approval to Skysona (elivaldogene autotemcel) to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy.
Concurrently, the previous clinical hold on the eli-cel clinical development program was lifted.
The company anticipates the first commercial Zynteglo infusion in the first quarter of 2023 and will realize revenue upon infusion. bluebird anticipates that Skysona will be ready for commercial launch in the fourth quarter of 2023.
The company received two Priority Review Vouchers (PRVs) following the FDA approvals of Zynteglo and Skysona and is exploring options to monetize both PRVs.
The company expects to complete vector and drug product analytical comparability for the biologics license application (BLA) for lovo-cel for sickle cell disease in the fourth quarter of 2022 and remains on track to submit the same in the first quarter of 2023.
The company remains in active dialogue with the regulatory body about the resolution of the partial clinical hold for patients under 18.
Zacks Rank & Stocks to Consider
bluebird currently has a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the healthcare sector are Puma Biotechnology (PBYI - Free Report) and Dynavax (DVAX - Free Report) . While Puma sports a Zacks Rank #1 (Strong Buy), Dynavax carries a Zacks Rank# 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, loss estimates for Puma have narrowed to 6 cents from 16 cents. Puma also surpassed estimates in three of the trailing four quarters, the average being 317.57%.
Earnings estimates for Dynavax have increased to $1.80 from $1.50 for 2022 over the past 90 days. Earnings of Dynavax surpassed estimates in two of the trailing four quarters.