Millennium Management LLC Cuts Stock Holdings in 2seventy bio, Inc. (NASDAQ:TSVT)

Millennium Management LLC lessened its stake in 2seventy bio, Inc. (NASDAQ:TSVT) by 68.2% in the fourth quarter, HoldingsChannel reports. The fund owned 48,765 shares of the company’s stock after selling 104,792 shares during the period. Millennium Management LLC’s holdings in 2seventy bio were worth $143,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in shares of 2seventy bio during the fourth quarter valued at about $35,000. Raymond James Financial Inc. purchased a new position in shares of 2seventy bio during the fourth quarter valued at approximately $52,000. Intech Investment Management LLC raised its holdings in shares of 2seventy bio by 41.1% during the fourth quarter. Intech Investment Management LLC now owns 20,688 shares of the company’s stock valued at $61,000 after acquiring an additional 6,030 shares in the last quarter. Graham Capital Management L.P. raised its holdings in shares of 2seventy bio by 130.5% during the fourth quarter. Graham Capital Management L.P. now owns 32,426 shares of the company’s stock valued at $95,000 after acquiring an additional 18,357 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in 2seventy bio by 23.2% in the fourth quarter. Wells Fargo & Company MN now owns 32,532 shares of the company’s stock worth $96,000 after acquiring an additional 6,133 shares during the period. 93.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on TSVT. Leerink Partners reaffirmed a “market perform” rating and issued a $5.00 target price (down from $9.00) on shares of 2seventy bio in a research report on Tuesday, March 11th. Weiss Ratings restated a “sell (d-)” rating on shares of 2seventy bio in a research report on Saturday, May 10th. Leerink Partnrs cut 2seventy bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Finally, Morgan Stanley dropped their target price on shares of 2seventy bio from $6.00 to $5.00 and set an “equal weight” rating on the stock in a report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.00.

2seventy bio Price Performance

NASDAQ TSVT opened at $5.00 on Friday. The stock has a market capitalization of $266.15 million, a price-to-earnings ratio of -2.69 and a beta of 1.04. 2seventy bio, Inc. has a 1-year low of $2.29 and a 1-year high of $5.30. The business’s fifty day moving average price is $4.99 and its 200-day moving average price is $3.89.

2seventy bio (NASDAQ:TSVT) last announced its earnings results on Wednesday, May 7th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.11. 2seventy bio had a negative net margin of 207.25% and a negative return on equity of 53.65%. The company had revenue of $22.94 million during the quarter, compared to analyst estimates of $13.96 million. Equities research analysts anticipate that 2seventy bio, Inc. will post -1.46 EPS for the current year.

Insider Buying and Selling at 2seventy bio

In other news, CEO William D. Baird III sold 5,092 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $4.95, for a total transaction 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 $5,549,118.30. This trade represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 9,982 shares of company stock valued at $49,411. Company insiders own 7.20% of the company’s stock.

2seventy bio 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.