Short Interest in 2seventy bio, Inc. (NASDAQ:TSVT) Expands By 29.7%

2seventy bio, Inc. (NASDAQ:TSVT) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 6,810,000 shares, an increase of 29.7% from the March 15th total of 5,250,000 shares. Based on an average daily trading volume, of 1,450,000 shares, the short-interest ratio is presently 4.7 days. Approximately 14.3% of the shares of the company are sold short.

2seventy bio Stock Performance

2seventy bio stock traded down $0.48 during trading on Friday, hitting $5.04. The company’s stock had a trading volume of 797,617 shares, compared to its average volume of 1,615,147. The stock has a market capitalization of $258.60 million, a price-to-earnings ratio of -1.14 and a beta of 1.84. The stock’s fifty day moving average is $5.27 and its 200 day moving average is $3.98. 2seventy bio has a 1-year low of $1.53 and a 1-year high of $12.69.

2seventy bio (NASDAQ:TSVT) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.11. The company had revenue of $10.68 million during the quarter, compared to analyst estimates of $13.91 million. 2seventy bio had a negative return on equity of 59.19% and a negative net margin of 216.73%. During the same period in the prior year, the firm posted ($0.60) earnings per share. On average, research analysts anticipate that 2seventy bio will post -1.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TSVT shares. Leerink Partnrs raised 2seventy bio from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 31st. SVB Leerink raised 2seventy bio from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $5.00 to $18.00 in a report on Wednesday, January 31st. Wedbush reissued a “neutral” rating and issued a $5.00 target price on shares of 2seventy bio in a report on Monday, March 18th. TD Cowen restated a “market perform” rating on shares of 2seventy bio in a research note on Wednesday, January 31st. Finally, Citigroup boosted their target price on 2seventy bio from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.17.

Insiders Place Their Bets

In other news, Director Casdin Capital, Llc purchased 330,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of $5.07 per share, with a total value of $1,673,100.00. Following the completion of the transaction, the director now directly owns 1,960,000 shares in the company, valued at approximately $9,937,200. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 2seventy bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSVT. Metropolitan Life Insurance Co NY acquired a new stake in 2seventy bio during the first quarter worth about $25,000. US Bancorp DE grew its stake in shares of 2seventy bio by 754.1% in the second quarter. US Bancorp DE now owns 2,528 shares of the company’s stock valued at $26,000 after buying an additional 2,232 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of 2seventy bio in the first quarter valued at about $30,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of 2seventy bio in the second quarter valued at about $33,000. Finally, Diversified Trust Co acquired a new stake in shares of 2seventy bio in the third quarter valued at about $41,000. 93.90% of the stock is currently owned by institutional investors and hedge funds.

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.