2seventy bio (NASDAQ:TSVT) Posts Earnings Results, Misses Expectations By $0.08 EPS

2seventy bio (NASDAQ:TSVT - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.08), Zacks reports. 2seventy bio had a negative net margin of 207.25% and a negative return on equity of 53.65%. The firm had revenue of $2.93 million for the quarter, compared to the consensus estimate of $12.84 million.

2seventy bio Stock Performance

Shares of 2seventy bio stock remained flat at $4.95 during trading hours on Friday. The stock had a trading volume of 445,240 shares, compared to its average volume of 608,345. The firm has a market cap of $255.36 million, a P/E ratio of -2.66 and a beta of 1.73. The stock has a 50-day moving average price of $3.24 and a 200 day moving average price of $3.72. 2seventy bio has a fifty-two week low of $2.29 and a fifty-two week high of $5.99.

Insider Buying and Selling

In other news, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $4.93, for a total transaction of $25,350,607.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Baird III sold 5,092 shares of 2seventy bio stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $4.95, for a total value of $25,205.40. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,152,093 shares of company stock worth $25,400,018. 7.20% of the stock is owned by corporate insiders.

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Analyst Ratings Changes

A number of brokerages have commented on TSVT. Leerink Partners reaffirmed a "market perform" rating and set a $5.00 target price (down from $9.00) on shares of 2seventy bio in a report on Tuesday, March 11th. Morgan Stanley reduced their price objective on 2seventy bio from $6.00 to $5.00 and set an "equal weight" rating for the company in a research note on Friday, March 14th. Leerink Partnrs downgraded 2seventy bio from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 11th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of 2seventy bio in a research report on Saturday, March 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, 2seventy bio currently has a consensus rating of "Hold" and a consensus price target of $6.67.

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.