Bluebird Bio Stock Jumps 7% After Maxim Group Upgrades To Buy

Bluebird Bio Inc. shares jumped 7.3% in premarket trade Friday after the company was upgraded to buy from hold at Maxim Group, with a price target of $100, above the company's $79.20 share price as of Thursday's close. The American Society of Clinical Oncology meeting, which begins Friday and runs through Tuesday, could be a big opportunity for the company's shares, with the company scheduled to present data on multiple myeloma, said Maxim Group analyst Jason Kolbert. Kolbert said he believes positive data from December for Bluebird Bio's bb2121 -- which is being developed in partnership with Celgene Corp. -- along with positive results for the same type of cancer approach in May from another biotech company, "increase the probability for positive data for bb2121 at ASCO." Bluebird Bio is scheduled to present safety and efficacy data from a trial enrolling 18 patients on Monday, with the results including one-year follow-up data for the first nine patients. Bluebird Bio shares have dropped 9% over the last three months, compared with a 2% rise in the S&P 500 .