BLUE - Bluebird bio recovers despite the latest downgraded at JPM

Bluebird bio (BLUE) is paring yesterday’s losses with a ~2.0% gain in the premarket today on below-average volume.However, JP Morgan becomes the latest to downgrade the stock after a string of sell-side resets witnessed yesterday following the company’s announcement of temporary suspension to two clinical trials involving LentiGlobin and the marketing of ZYNTEGLO™ gene therapy.‘LentiGlobin was the crux of our prevailing investment thesis,’ the analysts at JPM argue as they downgrade the stock to neutral from buy with the December 2021 price target nearly halved to $39.00 from $76.00 per share.Noting that the news has hurt the ‘already depressed’ market sentiment on the stock, the analyst Cory Kasimov and the team argue that the trial pause has jeopardized ‘the value proposition of this one-time transformative treatment’ with ‘broader implications for the gene therapy.’Even in a best-case scenario, the analysts predict a ‘hit’ to commercial opportunity while ruling out a worst-case event where LentiGlobin is

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Bluebird bio recovers despite the latest downgraded at JPM