Q3 2023 EPS Estimates for 2seventy bio, Inc. Lowered by Wedbush (NASDAQ:TSVT)

2seventy bio, Inc. (NASDAQ:TSVT) – Research analysts at Wedbush dropped their Q3 2023 earnings estimates for shares of 2seventy bio in a report issued on Tuesday, September 12th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings per share of ($1.34) for the quarter, down from their prior forecast of ($1.12). Wedbush currently has a “Outperform” rating and a $22.00 target price on the stock. The consensus estimate for 2seventy bio’s current full-year earnings is ($4.27) per share. Wedbush also issued estimates for 2seventy bio’s Q4 2023 earnings at ($1.11) EPS, FY2023 earnings at ($4.35) EPS, Q1 2024 earnings at ($0.81) EPS, Q2 2024 earnings at ($0.76) EPS, Q3 2024 earnings at ($0.51) EPS, Q4 2024 earnings at ($0.45) EPS and FY2024 earnings at ($2.52) EPS.

2seventy bio (NASDAQ:TSVT) last released its quarterly earnings results on Monday, August 14th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.21. The business had revenue of $36.05 million for the quarter, compared to the consensus estimate of $31.81 million. 2seventy bio had a negative net margin of 122.33% and a negative return on equity of 51.38%.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group downgraded 2seventy bio from a “buy” rating to a “neutral” rating and set a $5.00 price objective on the stock. in a report on Wednesday. Morgan Stanley lowered shares of 2seventy bio from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $25.00 to $13.00 in a research note on Friday, July 28th. Finally, Guggenheim downgraded shares of 2seventy bio from a “buy” rating to a “neutral” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.00.

2seventy bio Price Performance

Shares of NASDAQ TSVT opened at $3.62 on Friday. 2seventy bio has a 52-week low of $3.54 and a 52-week high of $17.56. The business’s 50 day moving average is $6.97 and its two-hundred day moving average is $9.30.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Credit Suisse AG increased its stake in 2seventy bio by 1.1% in the 1st quarter. Credit Suisse AG now owns 1,017,974 shares of the company’s stock valued at $10,383,000 after buying an additional 11,231 shares during the period. Profund Advisors LLC purchased a new position in 2seventy bio during the first quarter worth about $419,000. E Fund Management Co. Ltd. acquired a new stake in 2seventy bio in the first quarter valued at about $129,000. Alpine Global Management LLC acquired a new position in 2seventy bio during the 4th quarter worth approximately $112,000. Finally, Sectoral Asset Management Inc. acquired a new stake in shares of 2seventy bio in the 1st quarter valued at approximately $4,855,000. 98.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 2seventy bio news, CEO Nick Leschly sold 9,312 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $5.49, for a total value of $51,122.88. Following the completion of the transaction, the chief executive officer now owns 1,159,342 shares in the company, valued at $6,364,787.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 2seventy bio news, major shareholder Kynam Capital Management, Lp acquired 86,414 shares of the stock in a transaction on Thursday, August 10th. The shares were bought at an average cost of $5.96 per share, with a total value of $515,027.44. Following the transaction, the insider now owns 5,142,111 shares of the company’s stock, valued at approximately $30,646,981.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nick Leschly sold 9,312 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $5.49, for a total transaction of $51,122.88. Following the sale, the chief executive officer now owns 1,159,342 shares of the company’s stock, valued at approximately $6,364,787.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,434 shares of company stock worth $245,719. Corporate insiders own 2.60% 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 idecabtagene vicleucel; ide-cel or Abecma and bb21217; and chimeric antigen receptor-T cell product candidates for the treatment of multiple myeloma.