Wells Fargo analyst Yanan Zhu lowered the firm’s price target on Bluebird Bio (BLUE) to $5 from $40 and keeps an Equal Weight rating on the shares after the company announced that it has entered into a definitive agreement to be acquired by funds managed by Carlyle (CG) and SK Capital Partners in collaboration with a team of biotech executives. Given Friday’s news, value of Bluebird Bio’s shares critically hinges on ability to deliver $600M in sales by year-end 2027. Upon evaluating historical patient starts, Wells thinks this sales hurdle could be met if the early encouraging SCD trend is sustained.
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