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These sales were part of a pre-arranged Rule 10b5-1 trading plan, which Snow adopted on September 13, 2024. The transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Snow retains ownership of 147,179 shares in the company, representing a significant stake in the biotechnology firm, which currently has a market capitalization of $136.19 million.
These sales were part of a pre-arranged Rule 10b5-1 trading plan, which Snow adopted on September 13, 2024. The transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Snow retains ownership of 147,179 shares in the company, representing a significant stake in the biotechnology firm, which currently has a market capitalization of $136.19 million.
These sales were part of a pre-arranged Rule 10b5-1 trading plan, which Snow adopted on September 13, 2024. The transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, Snow retains ownership of 147,179 shares in the company, representing a significant stake in the biotechnology firm, which currently has a market capitalization of $136.19 million.
In other recent news, 2seventy bio disclosed significant growth and strategic advancements in their third quarter earnings call. The company reported a 42% increase in U.S. revenues for their CAR-T therapy Abecma, reaching $77 million, thanks to its expansion in the third-line treatment setting and FDA approval. In addition, 2seventy bio announced a substantial reduction in operating expenses and a streamlined focus on Abecma, following the sale of other R&D pipelines.
The company is now moving towards breakeven operations, potentially as early as 2025, with a current burn rate of approximately $10 million. Revenues for Abecma are projected to be between $240 million and $250 million for 2024. Furthermore, 2seventy bio anticipates further reduction in operating expenses and a cash runway extending beyond 2027. However, the fourth quarter might face challenges due to increased competition and reduced CAR-T infusion schedules during the U.S. holiday season. These are some of the recent developments concerning 2seventy bio.
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