2seventy bio (NASDAQ:TSVT) Given New $28.00 Price Target at Morgan Stanley

2seventy bio (NASDAQ:TSVT – Get Rating) had its price target trimmed by Morgan Stanley from $29.00 to $28.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. SVB Leerink dropped their target price on shares of 2seventy bio from $41.00 to $34.00 and set an outperform rating on the stock in a research note on Tuesday, January 10th. Guggenheim started coverage on shares of 2seventy bio in a research note on Monday, October 31st. They issued a buy rating and a $30.00 target price on the stock. Finally, The Goldman Sachs Group upped their target price on shares of 2seventy bio from $25.00 to $28.00 and gave the stock a buy rating in a research note on Friday, January 20th.

2seventy bio Trading Up 6.8 %

Shares of NASDAQ:TSVT opened at $12.21 on Tuesday. The company has a market capitalization of $462.97 million, a price-to-earnings ratio of -1.28 and a beta of 1.32. 2seventy bio has a 12 month low of $8.44 and a 12 month high of $20.89. The firm’s 50-day moving average is $12.02 and its 200 day moving average is $13.96.

2seventy bio (NASDAQ:TSVT – Get Rating) last issued its quarterly earnings results on Monday, November 7th. The company reported ($1.76) EPS for the quarter, missing the consensus estimate of ($1.74) by ($0.02). The firm had revenue of $13.41 million for the quarter, compared to the consensus estimate of $10.67 million. 2seventy bio had a negative net margin of 568.59% and a negative return on equity of 77.38%. As a group, equities analysts forecast that 2seventy bio will post -8.76 EPS for the current fiscal year.

Insider Activity

In other news, insider Philip D. Gregory sold 3,794 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $10.33, for a total transaction of $39,192.02. Following the transaction, the insider now directly owns 100,594 shares in the company, valued at $1,039,136.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Philip D. Gregory sold 3,794 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $10.33, for a total transaction of $39,192.02. Following the completion of the sale, the insider now owns 100,594 shares of the company’s stock, valued at $1,039,136.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William D. Baird III sold 3,222 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $10.33, for a total transaction of $33,283.26. Following the sale, the chief financial officer now directly owns 79,874 shares of the company’s stock, valued at approximately $825,098.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,416 shares of company stock worth $314,152. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp purchased a new position in shares of 2seventy bio in the first quarter worth $53,909,000. BlackRock Inc. raised its holdings in shares of 2seventy bio by 2.1% in the third quarter. BlackRock Inc. now owns 2,582,136 shares of the company’s stock worth $37,570,000 after buying an additional 53,200 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of 2seventy bio in the first quarter worth $42,854,000. Vanguard Group Inc. raised its holdings in shares of 2seventy bio by 1.1% in the third quarter. Vanguard Group Inc. now owns 2,355,933 shares of the company’s stock worth $34,279,000 after buying an additional 25,850 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of 2seventy bio by 84.6% in the second quarter. JPMorgan Chase & Co. now owns 891,183 shares of the company’s stock worth $11,763,000 after buying an additional 408,376 shares during the last quarter. Hedge funds and other institutional investors own 89.47% of the company’s stock.

About 2seventy bio

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2seventy bio, Inc, a cell and gene therapy company, focuses on the research, development, and commercialization of treatments for cancer in the United States. Its products pipeline includes idecabtagene vicleucel; ide-cel or Abecma and bb21217; and CAR-T cell product candidates for the treatment of multiple myeloma.