- After the FDA placed a clinical hold on Bluebird Bio Inc's BLUE cerebral adrenoleukodystrophy gene therapy, SVB Leerink downgraded the stock to Market Perform from Outperform.
- Analyst Mani Foroohar also slashed the price target to $20, down from $64.
- In a note partially titled "We Were Wrong," Foroohar says the specifics of the safety event may not have read across to LentiGlobin in sickle cell disease and beta-thalassemia, "it does reflect an ongoing overhang of future headline risk."
- At the same time, the company's decision to close EU commercial operations and focus on the U.S. market raises questions on commercial execution, Foroohar tells investors.
- Price Action: BLUE shares are down 25.1% at $18.76 during the market session on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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