Guggenheim analyst Kelsey Goodwin says 2seventy Bio’s Q1 report included a business update in line with its announcement earlier this year detailing plans to focus exclusively on the commercialization and development of Abecma in multiple myeloma. While sales have disappointed investors in recent quarters, management continues to guide towards a potential return to growth in the second half of 2024, the analyst tells investors in a research note. The firm continues to think the shares will remain range-bound until investors gain more confidence in Abecma’s potential to return to growth given the “evolving competitive landscape” in multiple myeloma. Guggenheim keeps a Neutral rating on 2seventy Bio.
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