Why Bluebird Bio Stock Dived Into the Red on Tuesday
Investors were clearly feeling blue about Bluebird Bio (NASDAQ: BLUE) on Tuesday. Collectively, they traded the commercial-stage biotech stock down by more than 9% in Tuesday's trading, not long after an analyst cut his price target on the shares. That price decline was far more dramatic than the 1% slip of the S 500 index on the day.
After market close on Monday, 's Morten Herholt reduced his Bluebird Bio fair value assessment to $1.02 per share. That represents a 56% cut from his previous level, which was $2.31. Herholt has been generally bearish on the company for a while, as he maintained his reduce (sell, in other words) recommendation on the biotech company's stock.
It wasn't immediately clear why Herholt chopped his price so drastically. He's not the only analyst or investor who's down on the stock, though.
Source Fool.com
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