Richard A. Colvin, the Chief Medical (TASE:PMCN) Officer at bluebird bio, Inc. (NASDAQ:BLUE), recently sold shares of the company's common stock. The transaction comes as the company's stock has experienced significant volatility, with shares down over 69% in the past year and currently trading at $8.46, well below its 52-week high of $38.40. According to a recent SEC filing, Colvin sold 19 shares at a price of $9.24 each, totaling $175. This transaction was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units. Following the sale, Colvin holds 8,257 shares of the company. The reported share count reflects adjustments due to a 1-for-20 reverse stock split by bluebird bio on December 12, 2024. InvestingPro analysis indicates the stock is currently undervalued, with 13 additional key insights available to subscribers, including detailed financial health metrics and growth prospects.
In other recent news, Bluebird Bio (NASDAQ:BLUE) has been the subject of several major financial adjustments and revisions. RBC Capital Markets significantly lowered its price target for Bluebird Bio shares from $80.00 to $8.00, maintaining a Sector Perform rating despite severe adverse events related to the company's treatments. Meanwhile, Baird has reduced its price target for Bluebird Bio to $54 due to near-term dilution, while BofA Securities downgraded Bluebird Bio's stock from Buy to Neutral and reduced the price target to $0.50.
JPMorgan also downgraded Bluebird Bio's stock to Underweight, following the company's third-quarter financial results which revealed a loss per share of $0.31 and revenue of $10.6 million, falling short of the $18.3 million consensus estimate. Despite these financial challenges, Bluebird Bio announced an increase in patient starts and a projected path to cash flow breakeven by the second half of 2025.
These recent developments reflect a cautious stance by analysts due to the speculative risks associated with adverse events and financial challenges. However, they also highlight the company's strategic efforts to navigate through these developments and maintain financial stability.
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