BLUE - Bluebird bio price target slashed at Stifel after setback in Germany

The decision by bluebird bio ([[BLUE]] +0.1%) to withdraw Zynteglo (betibeglogene autotemcel) for transfusion-dependent ?-thalassemia (“TDT”) from the German market did not come as a surprise.A Suspected Unexpected Serious Adverse Reaction (SUSAR) of acute myeloid leukemia (AML) forced a temporary suspension of two clinical trials in sickle cell disease for its gene therapy candidate, LentiGlobin in February.At the time, the company also decided to temporarily suspend the marketing of Zynteglo while the investigations into the case of AML continue.“No cases of hematologic malignancy have been reported in any patient who has received treatment with betibeglogene autotemcel for transfusion-dependent ?-thalassemia,” bluebird bio said.In addition to the withdrawal of therapy, with the company now deciding to cut back its workforce in Germany, Stifel analysts have slashed its price target to $29.00 from $34.00 per share implying ~3.6% upside to the previous close. They have a hold rating on the stock.With a hold rating

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Bluebird bio price target slashed at Stifel after setback in Germany