Baird analyst Jack Allen downgraded Bluebird Bio (BLUE) to Neutral from Outperform with a price target of $5, down from $54, after the company entered into an agreement to be acquired by funds managed by Carlyle and SK Capital Partners for $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if Bluebird’s current product portfolio achieves $600M in net sales in any trailing 12-month period prior to or ending on December 31, 2027, for a potential total value of up to $9.84 per share in cash.
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