2seventy bio Inc [NASDAQ: TSVT] stock went on an upward path that rose over 14.90% on Tuesday, amounting to a one-week price increase of more than 29.35%. The company report on January 30, 2024 at 7:01 AM that 2seventy bio Announces New Strategic Path Forward.
– Company to focus exclusively on commercialization and development of Abecma, in partnership with Bristol Myers Squibb – – Company to sell R&D pipeline to Regeneron to launch Regeneron Cell Medicines business led by 2seventy bio’s Chief Scientific Officer, Philip Gregory- Chip Baird named incoming Chief Executive Officer; Nick Leschly named incoming Chairman of Board of Directors — Expected annual cost savings of approximately $150 million in 2024 and $200 million in 2025; cash runway extended beyond 2027 — Conference call to be held today at 8:00 a.m. ET -.
2seventy bio, Inc. (Nasdaq: TSVT), announced today that it is transforming the Company to focus exclusively on the commercialization and development of Abecma (idecabtagene vicleucel), its BCMA-targeted CAR T therapy for multiple myeloma. The actions announced today follow an extensive evaluation of the Company’s business and strategic alternatives by its Board of Directors. As a result of this strategic re-alignment, the Company expects annual savings of approximately $150 million in 2024 and approximately $200 million in 2025, inclusive of one-time restructuring costs of approximately $8 million. The Company expects to have extended cash runway beyond 2027.
Over the last 12 months, TSVT stock dropped by -69.74%. The one-year 2seventy bio Inc stock forecast points to a potential upside of 52.82. The average equity rating for TSVT stock is currently 2.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $202.99 million, with 50.62 million shares outstanding and 46.65 million shares in the current float. Compared to the average trading volume of 1.74M shares, TSVT stock reached a trading volume of 4376066 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 2seventy bio Inc [TSVT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TSVT shares is $8.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TSVT stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Leerink Partners have made an estimate for 2seventy bio Inc shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on October 30, 2023.
The Average True Range (ATR) for 2seventy bio Inc is set at 0.37, with the Price to Sales ratio for TSVT stock in the period of the last 12 months amounting to 1.39. The Price to Book ratio for the last quarter was 0.66, with the Price to Cash per share for the same quarter was set at 4.95.
TSVT Stock Performance Analysis:
2seventy bio Inc [TSVT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 29.35. With this latest performance, TSVT shares dropped by -12.45% in over the last four-week period, additionally sinking by -47.17% over the last 6 months – not to mention a drop of -69.74% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TSVT stock in for the last two-week period is set at 61.50, with the RSI for the last a single of trading hit 67.24, and the three-weeks RSI is set at 58.65 for 2seventy bio Inc [TSVT]. The present Moving Average for the last 50 days of trading for this stock 3.14, while it was recorded at 3.42 for the last single week of trading, and 6.29 for the last 200 days.
Insight into 2seventy bio Inc Fundamentals:
2seventy bio Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.08 and a Current Ratio set at 4.08.
TSVT Stock EPS
With the latest financial reports released by the company, 2seventy bio Inc posted -0.6/share EPS, while the average EPS was predicted by analysts to be reported at -1.61/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 62.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TSVT.
2seventy bio Inc [TSVT] Institutonal Ownership Details
The top three institutional holders of TSVT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in TSVT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in TSVT stock with ownership which is approximately 5.8325%.
