2seventy bio, Inc. (NASDAQ:TSVT) Sees Significant Decline in Short Interest

2seventy bio, Inc. (NASDAQ:TSVT) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 5,130,000 shares, a decline of 13.8% from the August 31st total of 5,950,000 shares. Currently, 10.6% of the company’s stock are sold short. Based on an average trading volume of 402,300 shares, the days-to-cover ratio is presently 12.8 days.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of 2seventy bio from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Wedbush reiterated a “neutral” rating and issued a $5.00 target price on shares of 2seventy bio in a research note on Thursday, June 27th. Finally, The Goldman Sachs Group cut shares of 2seventy bio from a “neutral” rating to a “sell” rating and dropped their price target for the company from $5.00 to $2.00 in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.00.

2seventy bio Price Performance

Shares of NASDAQ TSVT opened at $4.93 on Friday. The stock has a market capitalization of $253.90 million, a P/E ratio of -1.13 and a beta of 1.77. 2seventy bio has a one year low of $1.53 and a one year high of $6.40. The firm’s 50 day simple moving average is $4.58 and its two-hundred day simple moving average is $4.52.

2seventy bio (NASDAQ:TSVT) last released its earnings results on Wednesday, August 7th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.06. The company had revenue of $8.97 million for the quarter, compared to analyst estimates of $11.43 million. 2seventy bio had a negative net margin of 354.16% and a negative return on equity of 66.01%. As a group, equities analysts expect that 2seventy bio will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 2seventy bio news, insider Jessica Snow sold 7,816 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $4.32, for a total value of $33,765.12. Following the completion of the sale, the insider now directly owns 156,330 shares of the company’s stock, valued at approximately $675,345.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pale Fire Capital SE boosted its holdings in 2seventy bio by 67.5% during the 4th quarter. Pale Fire Capital SE now owns 40,688 shares of the company’s stock valued at $174,000 after acquiring an additional 16,400 shares during the period. Engine Capital Management LP boosted its stake in shares of 2seventy bio by 337.1% during the fourth quarter. Engine Capital Management LP now owns 1,494,304 shares of the company’s stock valued at $6,381,000 after purchasing an additional 1,152,434 shares during the period. Madison Avenue Partners LP grew its holdings in shares of 2seventy bio by 17.4% in the fourth quarter. Madison Avenue Partners LP now owns 1,754,788 shares of the company’s stock worth $7,493,000 after purchasing an additional 260,663 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 2seventy bio by 512.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,508,800 shares of the company’s stock worth $19,253,000 after buying an additional 3,772,556 shares during the period. Finally, Wedmont Private Capital bought a new stake in 2seventy bio during the 1st quarter valued at $484,000. 93.90% of the stock is owned by institutional investors.

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.