Kynam Capital sells $80 million in 2seventy Bio stock

Kynam Capital Management, LP, along with its associated entities, has reported a significant sale of shares in 2seventy bio, Inc. (NASDAQ:TSVT). According to a recent SEC filing, the firm sold a total of 16,238,047 shares at a price of $4.93 per share, amounting to approximately $80.05 million. This transaction leaves the reporting entities with no remaining shares in the company. The timing is notable as TSVT shares have surged 73% in the past week, with InvestingPro data indicating the stock is currently trading above its Fair Value.

The shares were sold by Kynam Global Healthcare Master Fund, LP and Kynam Fund GP, LLC, among others, with Tang Yue, the managing member of Kynam Capital Management GP, LLC, overseeing the transactions. The sales were completed on March 11, 2025, as per the filing. The company is scheduled to report earnings on March 25, with InvestingPro analysis showing the company faces challenges with negative profit margins and rapid cash burn.

The sale marks a significant divestment from 2seventy bio, a pharmaceutical company based in Cambridge, Massachusetts, known for its focus on developing innovative therapies in the life sciences sector. Despite current challenges, the company maintains a strong liquidity position with a current ratio of 4.95, according to InvestingPro, which offers 10+ additional exclusive insights about TSVT’s financial health and future prospects.

In other recent news, 2Seventy Bio Inc., in collaboration with Bristol Myers (NYSE:BMY) Squibb, reported $242 million in sales for their drug Abecma in 2024, aligning with their previous guidance. The company aims to reach a quarterly breakeven point for Abecma by the end of 2025, with further insights expected during their upcoming earnings call. Citi analyst Samantha Semenkow adjusted the price target for 2Seventy Bio’s stock to $9, down from $10, while maintaining a Buy rating, citing revised estimates for Abecma’s revenue and operational expenses. Despite a 23% decline in fourth-quarter Abecma sales, Bristol Myers Squibb remains committed to the drug’s commercial success. Additionally, 2Seventy Bio announced the appointment of Jessica Snow as the new Chief Operating Officer, effective January 6, 2025. Snow has been with the company since 2021 and previously held the position of Senior Vice President of Quality & Head of Operations. The company has yet to finalize Snow’s compensation plan, with details to be provided in an amendment to the current report. These developments reflect 2Seventy Bio’s ongoing efforts to optimize its leadership and strategic direction.

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