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 the month of 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. Currently, 7.0% of the company’s shares are short sold. Based on an average daily volume of 1,000,000 shares, the short-interest ratio is presently 3.3 days.

Analyst Ratings Changes

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

2seventy bio Price Performance

TSVT stock opened at $4.94 on Tuesday. The firm’s fifty day simple moving average is $3.29 and its 200-day simple moving average is $3.72. 2seventy bio has a 12 month low of $2.29 and a 12 month high of $5.99. The company has a market capitalization of $258.55 million, a P/E ratio of -2.66 and a beta of 1.73.

2seventy bio (NASDAQ:TSVT) last announced its quarterly earnings results on Tuesday, March 25th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.08). The company had revenue of $2.93 million for the quarter, compared to analyst estimates of $12.84 million. 2seventy bio had a negative return on equity of 53.65% and a negative net margin of 207.25%. As a group, sell-side analysts forecast that 2seventy bio will post -1.46 earnings per share for the current year.

Insiders Place Their Bets

In other 2seventy bio news, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $4.93, for a total transaction of $25,350,607.23. The sale was disclosed in a legal filing with the SEC, which is available through 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 transaction, the chief executive officer now directly owns 1,121,034 shares in the company, valued at $5,549,118.30. This trade represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,152,093 shares of company stock worth $25,400,018 over the last quarter. Company insiders own 7.20% of the company’s stock.

Institutional Trading of 2seventy bio

Several hedge funds and other institutional investors have recently bought and sold shares of TSVT. Erste Asset Management GmbH purchased a new stake in 2seventy bio in the 3rd quarter worth approximately $25,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of 2seventy bio in the 4th quarter valued at $32,000. Readystate Asset Management LP purchased a new stake in 2seventy bio during the third quarter worth $53,000. BNP Paribas Financial Markets acquired a new stake in 2seventy bio during the fourth quarter valued at $35,000. Finally, Intech Investment Management LLC purchased a new position in 2seventy bio in the third quarter valued at $69,000. 93.90% of the stock is owned by institutional investors and hedge funds.

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.