Short Interest in 2seventy bio, Inc. (NASDAQ:TSVT) Drops By 31.0%

2seventy bio, Inc. (NASDAQ:TSVT) was the recipient of a significant decrease in short interest during 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 trading 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 Price Performance

TSVT stock opened at $4.95 on Monday. 2seventy bio has a 1-year low of $2.29 and a 1-year high of $5.99. The business has a 50-day moving average price of $3.24 and a 200 day moving average price of $3.72. The company has a market capitalization of $255.36 million, a P/E ratio of -2.66 and a beta of 1.73.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, CEO William D. Baird III sold 5,092 shares of 2seventy bio stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 1,121,034 shares in the company, valued at approximately $5,549,118.30. The trade was 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 the SEC website. Also, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $4.93, for a total transaction of $25,350,607.23. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,152,093 shares of company stock worth $25,400,018. 7.20% of the stock is owned by insiders.

Institutional Trading of 2seventy bio

Several hedge funds and other institutional investors have recently bought and sold shares of TSVT. Bank of America Corp DE raised its position 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 acquiring an additional 1,912,771 shares in the last quarter. Regeneron Pharmaceuticals Inc. purchased a new position in 2seventy bio in the fourth quarter valued at about $3,689,000. Geode Capital Management LLC raised its holdings in 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 purchasing an additional 13,144 shares in the last quarter. State Street Corp lifted its position in shares of 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 buying an additional 15,638 shares during the last quarter. Finally, Eversept Partners LP boosted its holdings in shares of 2seventy bio by 0.6% in the 4th 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 in the last quarter. Institutional investors own 93.90% of the company’s stock.

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.