2seventy bio (NASDAQ:TSVT) Announces Quarterly Earnings Results, Misses Expectations By $0.94 EPS

2seventy bio (NASDAQ:TSVTGet Rating) released its quarterly earnings data on Thursday. The company reported ($3.20) earnings per share for the quarter, missing the consensus estimate of ($2.26) by ($0.94), Briefing.com reports. The company had revenue of $8.43 million for the quarter, compared to analysts’ expectations of $22.66 million. The firm’s revenue for the quarter was down 29.2% compared to the same quarter last year. During the same quarter last year, the business posted ($3.73) EPS.

Shares of 2seventy bio stock traded up $0.68 on Friday, hitting $11.92. The company had a trading volume of 736,273 shares, compared to its average volume of 421,729. The business has a 50-day simple moving average of $15.19. 2seventy bio has a 52 week low of $10.57 and a 52 week high of $64.00.

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of 2seventy bio in a research note on Monday, May 2nd. They set a “buy” rating and a $26.00 price objective on the stock. Zacks Investment Research upgraded shares of 2seventy bio from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Saturday, March 26th. Finally, SVB Leerink began coverage on shares of 2seventy bio in a research note on Thursday, February 10th. They issued an “outperform” rating and a $38.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, 2seventy bio presently has an average rating of “Buy” and an average target price of $39.67.

Institutional investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co NY bought a new stake in 2seventy bio during the first quarter worth approximately $25,000. Ameritas Investment Partners Inc. bought a new stake in 2seventy bio during the first quarter worth approximately $30,000. Group One Trading L.P. bought a new stake in 2seventy bio during the first quarter worth approximately $69,000. American International Group Inc. bought a new stake in 2seventy bio during the first quarter worth approximately $198,000. Finally, MetLife Investment Management LLC bought a new stake in 2seventy bio during the first quarter worth approximately $221,000. Institutional investors and hedge funds own 50.43% of the company’s stock.

About 2seventy bio (Get Rating)

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.

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