As previously reported, Wedbush analyst David Nierengarten downgraded Bluebird Bio to Neutral from Outperform after attending the company's Analyst Day, as he sees risks to the ZYNTEGLO launch that could overshadow its broad pipeline. Specifically, the analyst now expects installment, performance-based pricing of $320,000/year, in-line with annual treatment costs, for 5 years, or $1.6M total, with a 15% discount on the total potential price as some patients will not fully respond/meet the performance requirements. With installment pricing, Nierengarten incorporates additional financing in his model as it creates an "air gap" for cash flow that the company will have to fill before it becomes cash flow positive. The analyst also lowered his price target on the shares to $131 fr0m $166.