peterschreiber.media Goldman Sachs has downgraded 2seventy bio ( NASDAQ: TSVT ) to neutral, citing competition concerns. The investment bank said the biotech company faces a “challenging long-term outlook” due in part to competition for its drug Abecma, which is partnered with Bristol Myers ( BMY ), from Johnson & Johnson’s ( JNJ ) and Legend’s ( LEGN ) Carvykti, along with bispecifics/BiTEs and other CAR-T therapies such as Gilead ( GILD ) and Arcellx’s ( ACLX ) anito-cel.
Goldman also sees the company facing challenges from its cost structure and margin profile, along with “limited pipeline optionality and value-driving catalysts” following the sale of its pipeline to Regeneron ( REGN ). The bank said it will continue to monitor Abecma’s sales trajectory, the multiple myeloma market, cost-cutting efforts and incremental pipeline updates through Regeneron. More on 2seventy bio 2seventy bio, Inc.
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