BLUE - Bluebird Bio falls after Cowen downgrades rating

Bluebird Bio (BLUE -3.8%) slides after brokerage Cowen downgrades to Market Perform from Outperform following the company's restructuring announcement. Cowen analyst Yaron Werber has concerns about the company's commercial outlook, especially given its lag to market and the competitive sickle cell disease landscape. On Tuesday, the company said it plans to reduce its staff by nearly 30% and targets up to $160 million in cost savings over the next two years in a bid to extend the cash runway into 1H 2023. The restructuring drive is expected to lower the company’s 2022 cash burn to less than $340 million. Last month, the company's stock sank after its Chief Financial Officer, Gina Consylman, resigned from her position. The troubled gene therapy biotech in December faced clinical hold on its gene therapy candidate - lovo-cel - for sickle cell disease. In January, the company announced that the FDA extended the review period of BLAs for beti-cel and

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Bluebird Bio falls after Cowen downgrades rating