By Kathryn Hardison

 

Shares of bluebird bio Inc. increased 14% to $6.74 on Tuesday after a Raymond James analyst raised the stock price target for the company on the heels of another approval from the Food and Drug Administration.

Last Friday, the company said the FDA approved Skysona for boys between the ages of 4 and 17 with early, active cerebral adrenoleukodystrophy. This comes a month after the agency approved bluebird's Zynteglo gene therapy for patients who rely on regular blood transfusions because of a genetic disease called beta-thalassemia.

Raymond James analyst Dane Leone said in a Monday note that he sees the company's two FDA approvals, including one with an ongoing clinical hold, as derisking events for the approval of its lovo-cel gene therapy for sickle cell disease.

Also, the anticipated monetization of the two priority review vouchers for eli-cel and beti-cel puts the company in a much better financial position, he said.

Raymond James raised its price target for bluebird to $10 from $8 per share.

Shares have declined 33% for the year.

 

Write to Kathryn Hardison at kathryn.hardison@wsj.com

 

(END) Dow Jones Newswires

September 20, 2022 12:30 ET (16:30 GMT)

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