2seventy Bio downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded 2seventy Bio to Sell from Neutral with a price target of $2, down from $5. The company faces a challenging long-term outlook given the competitive dynamics for its sole asset Abecma in multiple myeloma, the analyst tells investors in a research note. The firm says that despite the recent third-line approval, it expects continued pressure from Johnson & Johnson’s Carvykti in the near term given the drug’s differentiated profile and expanding manufacturing capacity, as well as longer-term headwinds to market share as bispecifics and other CAR T therapies move into earlier lines of treatment.