2seventy bio, Inc. (NASDAQ:TSVT) Sees Large Drop in Short Interest

2seventy bio, Inc. (NASDAQ:TSVT) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 3,310,000 shares, a drop 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 currently 3.3 days. Currently, 7.0% of the shares of the stock are sold short.

2seventy bio Trading Down 0.2 %

2seventy bio stock opened at $4.94 on Tuesday. 2seventy bio has a 1-year low of $2.29 and a 1-year high of $5.99. The firm has a market cap of $258.55 million, a P/E ratio of -2.66 and a beta of 1.73. The firm has a 50-day moving average of $3.29 and a 200-day moving average of $3.72.

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 business had revenue of $2.93 million for the quarter, compared to analysts’ expectations of $12.84 million. 2seventy bio had a negative net margin of 207.25% and a negative return on equity of 53.65%. Research analysts forecast that 2seventy bio will post -1.46 earnings per share for the current fiscal year.

Insider Activity at 2seventy bio

In other 2seventy bio news, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of 2seventy bio stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $4.93, for a total transaction of $25,350,607.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $25,205.40. Following the transaction, the chief executive officer now directly owns 1,121,034 shares in the company, 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. Insiders have sold 5,152,093 shares of company stock valued at $25,400,018 over the last three months. 7.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSVT. Rhumbline Advisers lifted its holdings in shares of 2seventy bio by 9.5% during the 4th quarter. Rhumbline Advisers now owns 84,670 shares of the company’s stock valued at $249,000 after buying an additional 7,379 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 2seventy bio by 1.1% in the third quarter. Geode Capital Management LLC now owns 1,176,244 shares of the company’s stock worth $5,553,000 after buying an additional 13,144 shares during the last quarter. FMR LLC raised its holdings in 2seventy bio by 22.0% in the 3rd quarter. FMR LLC now owns 148,545 shares of the company’s stock worth $701,000 after purchasing an additional 26,738 shares during the period. State Street Corp raised its holdings in 2seventy bio by 1.5% during the third quarter. State Street Corp now owns 1,058,773 shares of the company’s stock valued at $4,997,000 after acquiring an additional 15,638 shares during the period. Finally, XTX Topco Ltd increased its holdings in shares of 2seventy bio by 61.1% in the third quarter. XTX Topco Ltd now owns 24,416 shares of the company’s stock worth $115,000 after purchasing an additional 9,257 shares during the last quarter. Institutional investors own 93.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Leerink Partners reaffirmed a “market perform” rating and set a $5.00 target price (down previously from $9.00) on shares of 2seventy bio in a report on Tuesday, March 11th. Morgan Stanley reduced their price objective 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of 2seventy bio in a report on Saturday, March 22nd. Finally, Leerink Partnrs cut 2seventy bio from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.67.

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.