Buy gold, crypto and China, tread carefully on rich U.S. tech: BofA’s Hartnett
Nick Leschly, a director at 2seventy bio, Inc. (NASDAQ:TSVT), a company currently valued at $136 million, recently executed two notable stock sales, according to a recent SEC filing. On January 3, Leschly sold 85,978 shares of the company's common stock at a weighted average price of approximately $2.9359, generating $252,515. On January 6, he sold an additional 892 shares at a weighted average price of $2.7785, totaling $2,486. The transactions were conducted to cover tax withholding obligations related to the vesting of restricted stock units. Following these sales, Leschly holds 1,233,606 shares directly. The sales come as the stock trades near its 52-week low of $2.62, with InvestingPro data showing the company maintains a strong liquidity position with a current ratio of 4.95x. According to InvestingPro, which offers 12+ additional insights about TSVT, the stock has experienced significant volatility recently, with a beta of 1.77.
In other recent news, 2seventy bio reported robust growth in its third quarter earnings, with a notable 42% increase in U.S. revenues for its CAR-T therapy, Abecma, amounting to $77 million. This surge is credited to the therapy's expansion in the third-line treatment setting and FDA approval. The company also announced a significant reduction in operating expenses and a streamlined focus on Abecma, following the sale of other R&D pipelines.
These are recent developments that underline the company's strategic focus. The company's burn rate is now approximately $10 million, indicating a move towards breakeven operations, potentially as early as 2025. U.S. revenues for Abecma are projected to be between $240 million to $250 million for 2024. 2seventy bio also anticipates further reduction in operating expenses and a cash runway extending beyond 2027.
However, the company expects to face challenges in the fourth quarter due to increased competition and reduced CAR-T infusion schedules during the U.S. holiday season. Despite this, the demand for Abecma is steady, with room for growth as its market penetration in the third-line setting is less than 25%.
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