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Fly News Breaks for February 19, 2020
Feb 19, 2020 | 11:25 EDT
Raymond James analyst Dane Leone downgraded Bluebird Bio to Market Perform from Strong Buy. and removed his prior $165 price target. In a research note to investors, Leone says his thesis has reached a breaking point where execution issues on the regulatory, clinical and manufacturing side outweigh his support for the innovative drug products and says the Q4 financial report included a number of "extending and ambiguous" timeline updates for the LentiGlobin program. Leone says he could become interested in the story again if he can get comfortable that the management team will deliver on its expected timelines, but thinks the near-term reality is that Bluebird will need significant cash infusions before any reasonable expectation could be made that cash flow from commercial products would offset operating burn in a significant way.
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