For most stocks, a 25% cut in an analyst's target price following an earnings release would send investors scrambling for the exit door. That wasn't the case with Bluebird Bio (NASDAQ: BLUE), however.

The clinical-stage biotech saw a decent price rise after those two events in late March. What helped was that, despite the cut, said analyst believes the shares are on track to double in price and then some.

That prognosticator is Wells Fargo's Yanan Zhu, who now feels Bluebird Bio stock will rise to $3 per share over the next 12 months. That's down from the former target of $4, yet it's 138% higher than the stock's current price. Interestingly, Zhu maintained only an equal weight (i.e., hold) recommendation on the shares.

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Source Fool.com