Engine Capital Management LP Sells 585,977 Shares of 2seventy bio, Inc. (NASDAQ:TSVT)

Engine Capital Management LP trimmed its holdings in shares of 2seventy bio, Inc. (NASDAQ:TSVT) by 45.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 703,972 shares of the company’s stock after selling 585,977 shares during the period. 2seventy bio comprises approximately 0.4% of Engine Capital Management LP’s investment portfolio, making the stock its 26th largest holding. Engine Capital Management LP owned 1.36% of 2seventy bio worth $2,070,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in 2seventy bio by 317.1% in the fourth quarter. Bank of America Corp DE now owns 2,515,897 shares of the company’s stock valued at $7,397,000 after purchasing an additional 1,912,771 shares during the last quarter. Regeneron Pharmaceuticals Inc. bought a new stake in shares of 2seventy bio in the fourth quarter valued at approximately $3,689,000. Monimus Capital Management LP bought a new stake in 2seventy bio during the 4th quarter valued at $775,000. Dimensional Fund Advisors LP lifted its position in shares of 2seventy bio by 68.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 475,118 shares of the company’s stock worth $1,397,000 after acquiring an additional 193,305 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of 2seventy bio during the 4th quarter valued at $275,000. 93.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TSVT shares. Morgan Stanley decreased their price target on 2seventy bio from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Friday, March 14th. Leerink Partners reiterated a “market perform” rating and issued a $5.00 target price (down from $9.00) on shares of 2seventy bio in a research note on Tuesday, March 11th. Leerink Partnrs lowered shares of 2seventy bio from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of 2seventy bio in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, 2seventy bio has an average rating of “Hold” and a consensus price target of $5.60.

Insider Activity

In related news, CEO William D. Baird III sold 5,092 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $4.95, for a total transaction of $25,205.40. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Global Healthcare Master Kynam sold 5,142,111 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $4.93, for a total value of $25,350,607.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,152,093 shares of company stock valued at $25,400,018. 7.20% of the stock is currently owned by insiders.

2seventy bio Price Performance

NASDAQ:TSVT opened at $5.00 on Friday. The company has a market capitalization of $266.14 million, a price-to-earnings ratio of -2.69 and a beta of 1.04. The business has a 50 day moving average of $4.74 and a 200 day moving average of $3.77. 2seventy bio, Inc. has a 1-year low of $2.29 and a 1-year high of $5.30.

2seventy bio (NASDAQ:TSVT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $22.94 million during the quarter, compared to analyst estimates of $13.96 million. As a group, sell-side analysts anticipate that 2seventy bio, Inc. will post -1.46 EPS for the current year.

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.