Goldman Sachs analyst Salveen Richter downgraded 2seventy Bio to Neutral from Buy with a price target of $5, down from $24, after the company announced a strategic restructuring, including a 40% workforce reduction, said its CEO plans to step down and lowered FY23 Abecma U.S. revenue guidance for a second time. While noting that “there could be a discrepancy between the company’s intrinsic value and market value,” the firm chooses to monitor Abecma’s trajectory and execution on the clinical-stage pipeline from the sidelines.
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