2seventy Bio price target lowered to $6 from $7 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on 2seventy Bio to $6 from $7 and keeps an Equal Weight rating on the shares. The firm updated its model to lower Abecma peak sales to about $350M from about $600M to reflect a more conservative view on Abecma’s return to growth and align its P&L to more closely match 2seventy management’s guidance for expense trends in 2024/2025 and the potential path to break-even.