Short Interest in 2seventy bio, Inc. (NASDAQ:TSVT) Drops By 16.9%

2seventy bio, Inc. (NASDAQ:TSVT) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 2,750,000 shares, a decrease of 16.9% from the March 15th total of 3,310,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 5.8% of the shares of the company are sold short.

Analyst Ratings Changes

A number of brokerages recently issued reports on TSVT. Leerink Partners reiterated a “market perform” rating and set a $5.00 price objective (down from $9.00) on shares of 2seventy bio in a research note on Tuesday, March 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 2seventy bio in a research note on Tuesday, April 8th. Morgan Stanley decreased their target price on 2seventy bio from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Friday, March 14th. Finally, Leerink Partnrs cut shares of 2seventy bio from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.60.

Insider Activity at 2seventy bio

In related news, CEO William D. Baird III sold 5,092 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $4.95, for a total value of $25,205.40. Following the transaction, the chief executive officer now directly owns 1,121,034 shares of the company’s stock, valued at approximately $5,549,118.30. This trade represents a 0.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of 2seventy bio stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $4.93, for a total value of $25,350,607.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,152,093 shares of company stock worth $25,400,018. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On 2seventy bio

Institutional investors and hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank purchased a new position in 2seventy bio during the fourth quarter valued at approximately $2,352,000. Western Standard LLC boosted its position in 2seventy bio by 175.7% during the 4th quarter. Western Standard LLC now owns 788,350 shares of the company’s stock valued at $2,318,000 after acquiring an additional 502,419 shares in the last quarter. Stonepine Capital Management LLC increased its holdings in shares of 2seventy bio by 200.0% in the 4th quarter. Stonepine Capital Management LLC now owns 300,000 shares of the company’s stock valued at $882,000 after acquiring an additional 200,000 shares during the period. Point72 Asset Management L.P. bought a new position in shares of 2seventy bio in the 4th quarter worth $913,000. Finally, ProShare Advisors LLC purchased a new stake in shares of 2seventy bio during the 4th quarter worth $48,000. 93.90% of the stock is owned by institutional investors.

2seventy bio Stock Performance

TSVT stock opened at $4.98 on Monday. The firm has a market cap of $260.64 million, a PE ratio of -2.68 and a beta of 1.04. The firm has a fifty day moving average price of $4.06 and a 200 day moving average price of $3.75. 2seventy bio has a fifty-two week low of $2.29 and a fifty-two week high of $5.30.

2seventy bio (NASDAQ:TSVT) last posted its quarterly earnings data 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). 2seventy bio had a negative net margin of 207.25% and a negative return on equity of 53.65%. The company had revenue of $2.93 million during the quarter, compared to the consensus estimate of $12.84 million. On average, equities analysts predict that 2seventy bio will post -1.46 EPS for the current year.

About 2seventy bio

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.