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In a recent transaction, Kynam Capital Management and its affiliates sold a significant number of shares in 2seventy bio, Inc. (NASDAQ:TSVT), totaling approximately $80 million. The sale involved 16,238,047 shares of common stock, with each share priced at $4.93. The timing is notable as TSVT has shown remarkable momentum, posting a 73% gain in the past week alone. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions.
The transaction was executed on March 11, 2025, and the shares were previously owned by Kynam Global Healthcare Master Fund, LP, among others. Following the sale, Kynam Capital and its related entities no longer hold any shares in 2seventy bio, which currently maintains a market capitalization of $255.36 million.
The shares were disposed of directly and indirectly by various entities associated with Kynam Capital, including Kynam Fund GP, LLC and Kynam Capital Management GP, LLC, under the management of Yue Tang. The firms involved have disclaimed any beneficial ownership of the securities, except to the extent of their pecuniary interest. With the company’s next earnings report due on March 25, InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report, offering crucial analysis for this volatile healthcare stock.
In other recent news, 2seventy bio, Inc. reported full-year 2024 sales for its drug Abecma, developed in partnership with Bristol Myers (NYSE:BMY) Squibb, totaling $242 million. This figure is consistent with the company’s previous guidance of $240 to $250 million. Despite a 23% decline in Abecma sales during the fourth quarter, attributed to seasonal effects, the company remains optimistic about its growth prospects. Citi analyst Samantha Semenkow adjusted the price target for 2seventy bio’s shares to $9.00, down from $10.00, while maintaining a Buy rating, highlighting potential volatility.
Additionally, the company appointed Jessica Snow as the new Chief Operating Officer, effective January 6, 2025, as part of its leadership optimization efforts. Snow has been with 2seventy bio since 2021 and previously held the position of Senior Vice President of Quality & Head of Operations. The company plans to provide further details on Snow’s compensation plan in an upcoming report. These developments reflect 2seventy bio’s ongoing strategic and operational advancements.
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