2seventy Bio downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded 2seventy Bio (TSVT) to Equal Weight from Overweight with a price target of $13, down from $25. Bristol-Myers (BMY) reported lower than expected U.S. Abecma sales, as competition impacted Q2 and manufacturing is expected to impact Q3, the analyst tells investors in a research note. The firm now awaits the Q4 results to gauge Abecma’s ability to compete. It reduced the drug’s peak sales estimate to $750M from $1B and downgraded 2seventy Bio.