2seventy bio, Inc. (NASDAQ:TSVT) Short Interest Update

2seventy bio, Inc. (NASDAQ:TSVT) was the target of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 3,310,000 shares, a decrease of 31.0% from the February 28th total of 4,800,000 shares. Based on an average daily volume of 1,000,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 7.0% of the company’s stock are short sold.

Analyst Ratings Changes

TSVT has been the topic of a number of recent analyst reports. Leerink Partners reiterated a “market perform” rating and set a $5.00 price target (down previously from $9.00) on shares of 2seventy bio in a report on Tuesday, March 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 2seventy bio in a research note on Saturday, March 22nd. Leerink Partnrs cut 2seventy bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Finally, Morgan Stanley reduced their price target on shares of 2seventy bio from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.67.

2seventy bio Price Performance

Shares of TSVT opened at $4.95 on Friday. The business has a 50-day simple moving average of $3.24 and a two-hundred day simple moving average of $3.72. 2seventy bio has a 52 week low of $2.29 and a 52 week high of $5.99. The stock has a market cap of $255.36 million, a price-to-earnings ratio of -2.66 and a beta of 1.73.

2seventy bio (NASDAQ:TSVT) last released its earnings results on Tuesday, March 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.08). The firm had revenue of $2.93 million during the quarter, compared to analysts’ expectations of $12.84 million. 2seventy bio had a negative return on equity of 53.65% and a negative net margin of 207.25%. On average, equities analysts anticipate that 2seventy bio will post -1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $4.93, for a total value of $25,350,607.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William D. Baird III sold 5,092 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $4.95, for a total transaction of $25,205.40. Following the sale, the chief executive officer now owns 1,121,034 shares of the company’s stock, valued at approximately $5,549,118.30. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,152,093 shares of company stock worth $25,400,018. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TSVT. Erste Asset Management GmbH purchased a new position in shares of 2seventy bio in the third quarter valued at about $25,000. Northern Trust Corp lifted its holdings in 2seventy bio by 1.4% in the 4th quarter. Northern Trust Corp now owns 408,083 shares of the company’s stock worth $1,200,000 after purchasing an additional 5,470 shares in the last quarter. Eversept Partners LP boosted its stake in 2seventy bio by 0.6% in the 4th quarter. Eversept Partners LP now owns 1,003,678 shares of the company’s stock worth $2,951,000 after purchasing an additional 5,599 shares during the period. American Century Companies Inc. grew its holdings in 2seventy bio by 6.6% during the 4th quarter. American Century Companies Inc. now owns 93,552 shares of the company’s stock valued at $275,000 after buying an additional 5,785 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in shares of 2seventy bio by 41.1% during the fourth quarter. Intech Investment Management LLC now owns 20,688 shares of the company’s stock valued at $61,000 after buying an additional 6,030 shares during the last quarter. Institutional investors own 93.90% of the company’s stock.

2seventy bio Company Profile

2seventy bio, Inc, a cell and gene therapy company, focuses on the research, development, and commercialization of treatments for cancer in the United States. The company's products pipeline includes Abecma, a chimeric antigen receptor T-cell product candidates for the treatment of multiple myeloma.