Bluebird Stock Upgraded Ahead of Anticipated FDA Approval

Morgan Stanley upgraded the stock to "equal-weight" from "underweight"

Deputy Editor
Dec 8, 2023 at 10:47 AM
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Bluebird Bio Inc (NASDAQ:BLUE) stock is enjoying a boost today, after an upgrade from Morgan Stanley to "equal-weight" from "underweight," with a price-target hike to $7.00 from $3.00. The firm anticipates BLUE to rise ahead of Dec. 20, the date the U.S. Food & Drug Administration (FDA) is expected to approve the company's sickle cell disease gene therapy, lovo-cel. 

The stock was moving higher already, on track for its fourth-straight weekly win. It's also worth noting that though short interest has unwound, it still represents 20.7% of the stock's available float, or over six days' worth of pent-up buying power that could provide tailwinds. 

Today, BLUE is surging out of penny stock territory for the first time since March, up 10.9% at $5.33 at last glance. The equity is also breaking above its 320-day moving average, which provided long-term pressure since January. Since the start of the year, Bluebird stock is still down 23.6%. 

Call traders are eyeing the bull note with interest. So far, 5,938 calls have been exchanged -- eight times the call volume typically seen at this point -- in comparison to just 732 puts. The January 2025 10-strike call is the most popular, followed by the January 2024 5.50-strike call. 

 

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