JP Morgan Downgrades Gene Therapy Focused Bluebird Bio, Cites Limited Funding Options
JP Morgan Downgrades Gene Therapy Focused Bluebird Bio, Cites Limited Funding Options
On Thursday, Bluebird Bio Inc. (NASDAQ:BLUE) reported a third-quarter EPS loss of 31 cents, compared to a loss of 80 cents a year ago, beating the consensus loss of 36 cents.
在星期四，bluebird bio报告第三季度每股收益亏损31美分，而去年同期每股亏损80美分，超过了预期亏损36美分。
The gene therapy company reported sales of $10.6 million, down from $12.39 million, missing the consensus of $18.1 million.
这家基因疗法公司报告销售额为1060万美元，低于1239万美元，未达到预期的1810万美元。
The company's cash, cash equivalents, and restricted cash balance were approximately $118.7 million, which is expected to provide a cash runway into the first quarter of 2025.
该公司的现金、现金等价物和受限现金余额约为11870万美元，预计将提供现金支持至2025年第一季度。
Also Read: Worries Mount Over Cancer Risks in Bluebird Bio's Gene Therapy
另请阅读：围绕bluebird bio基因疗法的癌症风险增加担忧
The company anticipates quarterly cash flow break-even in the second half of 2025, assuming it scales to approximately 40 drug product deliveries per quarter and obtains additional cash resources to extend its runway.
公司预计在2025年下半年实现季度现金流盈亏平衡，假设其将规模扩大至每季度约40个药品交付，并获得额外的现金资源以延长其现金支持时间。
JP Morgan downgraded Bluebird after the third-quarter results. The analyst notes a reduced cash runway to "into 1Q25" from "into 2Q25."
摩根大通在第三季度业绩后下调了bluebird bio的评级。分析师指出现金支持延长到"进入2025年第一季度"，而不是"进入2025年第二季度"。
JP Morgan highlights that Bluebird did achieve the milestone of its first Lyfgenia infusion during the quarter (and revenue recognition) and continues to increase the pace of patient starts (cell collections) across its portfolio but is doing so against a backdrop of continued negative gross margins.
摩根大通强调，在本季度达到了第一次Lyfgenia输注的里程碑（以及营业收入确认），并继续增加患者开始治疗（电芯收集）的速度，但面对持续的负利润率背景展开这一做法。
- 57 patient starts completed to date in 2024 (35 Zynteglo, 17 Lyfgenia, 5 Skysona).
- Seventeen additional starts are scheduled through the remainder of 2024.
- 截至2024年迄今已完成57例患者开始治疗（35例Zynteglo，17例Lyfgenia，5例Skysona）。
- 到2024年底，将安排额外进行十七场比赛。
"Altogether presenting few avenues to emerge from remaining a going concern," the analyst says. JP Morgan has downgraded from Neutral to Underweight.
“总体而言，分析师表示几乎没有任何途径从继续存在的状态中脱身。” JP摩根已将评级从中立下调至减持。
The analyst writes that the proxy vote did not gather enough support to approve a reverse stock split and increase the number of shares available for issuance. This outcome effectively eliminates equity financing as an option for raising capital.
分析师写道，代理表决未获得足够支持来批准股票拆分并增加可用于发行的股份数量。这一结果有效地排除了股权融资作为筹集资本的选项。
In September, Bluebird bio implemented a restructuring to optimize its cost structure and enable quarterly cash flow break-even in the second half of 2025.
今年9月，bluebird bio实施了一项重组，以优化其成本结构，并使2025年下半年实现季度现金流达到盈亏平衡。
Price Action: BLUE stock is down 11.2% at $0.32 at last check Friday.
价格走势：BLUE股票在上周五最后一次交易时下跌了11.2％，报0.32美元。
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