Baird lowered the firm’s price target on Bluebird Bio to $7 from $10 and keeps an Outperform rating on the shares after the FDA approved the company’s sickle cell disease cell therapy. The analyst says concerns surrounding pricing and label dynamics are overdone. The firm continues to believe Lyfgenia will see uptake in a segment of patients but it reduced the price target to reflect the risks surrounding near-term dilution and the potential for incremental commercial headwinds.
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