Wells Fargo analyst Jim Birchenough lowered his price target for bluebird bio (BLUE) to $160 from $242 and maintained an Overweight rating following a review of positive KarMMa data for BCMA CAR-T therapeutic ide-cel as well as data from multiple BCMA competitors at this weekend's ASH meeting. With partner Bristol Myers (BMY) having both ide-cel as well as a promising earlier stage bispecific antibody T-cell engager, the analyst tells investors in a reserach note that he is are encouraged by Bristol Myers' comments at its ASH investor meeting suggesting enthusiasm for ide-cel, ongoing efforts to move it earlier in treatment, a perceived role for both modalities to coexist, and potential for sequential use of multiple BCMA targeting modalities. He said that while multiple BCMA competitors may impact ultimate probability- adjusted peak sales of ide-cel, he continues to see a large $1B+ opportunity for the therapy.