2seventy Bio price target lowered to $20 from $28 at Canaccord

Canaccord lowered the firm’s price target on 2seventy Bio to $20 from $28 and keeps a Buy rating on the shares. The firm said the company reported Abecma sales of $69M in 3Q23 and does not expect to achieve the original revenue guidance of $470-570 million for 2023. Canaccord believes Abecma’s return to growth will occur in 2024 once approved in earlier lines of therapy, where patients progress more slowly, and the largest efficacy gains can be realized.