2seventy bio, Inc. (NASDAQ:TSVT) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of 2seventy bio, Inc. (NASDAQ:TSVT) have received a consensus recommendation of “Reduce” from the five ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $4.25.

A number of research analysts have weighed in on TSVT shares. 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 dropped their price target on 2seventy bio from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Friday, March 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of 2seventy bio in a report on Saturday, May 10th. Finally, Leerink Partnrs downgraded shares of 2seventy bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 11th.

2seventy bio Stock Performance

Shares of TSVT opened at $5.00 on Friday. The firm has a market capitalization of $266.15 million, a P/E ratio of -2.69 and a beta of 1.04. 2seventy bio has a 52 week low of $2.29 and a 52 week high of $5.30. The stock has a 50 day moving average price of $4.98 and a two-hundred day moving average price of $3.80.

2seventy bio (NASDAQ:TSVT) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.11. The business had revenue of $22.94 million for the quarter, compared to the consensus estimate of $13.96 million. 2seventy bio had a negative return on equity of 53.65% and a negative net margin of 207.25%. On average, equities analysts forecast that 2seventy bio will post -1.46 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO William D. Baird III sold 5,092 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $4.95, for a total transaction of $25,205.40. Following the completion of the sale, the chief executive officer now owns 1,121,034 shares of the company’s stock, valued at $5,549,118.30. This trade represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of 2seventy bio stock in a transaction on Tuesday, March 11th. The stock was 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. Insiders have sold a total of 5,152,093 shares of company stock valued at $25,400,018 over the last ninety days. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On 2seventy bio

A number of large investors have recently added to or reduced their stakes in TSVT. Goldman Sachs Group Inc. lifted its holdings in 2seventy bio by 9.0% in the first quarter. Goldman Sachs Group Inc. now owns 4,681,675 shares of the company’s stock valued at $23,127,000 after acquiring an additional 386,774 shares during the period. Beryl Capital Management LLC bought a new position in shares of 2seventy bio in the 1st quarter worth approximately $20,995,000. Bank of America Corp DE lifted its stake in shares of 2seventy bio by 317.1% in the 4th quarter. Bank of America Corp DE now owns 2,515,897 shares of the company’s stock worth $7,397,000 after purchasing an additional 1,912,771 shares during the period. Regeneron Pharmaceuticals Inc. purchased a new position in shares of 2seventy bio in the fourth quarter worth approximately $3,689,000. Finally, Eversept Partners LP grew its position in 2seventy bio by 0.6% during the fourth quarter. Eversept Partners LP now owns 1,003,678 shares of the company’s stock valued at $2,951,000 after buying an additional 5,599 shares during the period. 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.