Bluebird Bio price target lowered to $5 from $12 at BofA

BofA lowered the firm’s price target on Bluebird Bio to $5 from $12 and keeps a Buy rating on the shares. The price target decrease reflects a a recent company financing that priced at $1.50/share and the company granted underwriters a 30-day option to purchase additional shares at the public offering price. While the gross proceeds should extend Bluebird’s runway to 2025 from prior 2Q24, the focus now solely shifts to the Lyfgenia launch for sickle cell disease, the analyst tells investors in a research note.