2seventy Bio downgraded to Neutral at Wedbush after FDA panel announcement

As previously reported, Wedbush analyst David Nierengarten downgraded 2seventy Bio (TSVT) to Neutral from Outperform with a price target of $2, down from $4, after the company and partner Bristol Myers (BMY) announced the FDA Oncologic Drugs Advisory Committee will meet to review data supporting the supplemental Biologics License Application for Abecma for earlier lines of triple-class exposed relapsed or refractory multiple myeloma and said that the FDA also informed the companies that a decision on the application will not be made by the Prescription Drug User Fee Act target action date of December 16. Following the news, the analyst doesn’t see a clear catalyst for 2seventy shares in the near-term.