The consensus price target for NASDAQ:TSVT has increased from $3.5 to $5, reflecting optimism in their CAR-T cell therapies and collaboration with Bristol-Myers Squibb.
2seventy bio received an upgrade to a Zacks Rank #2 (Buy), indicating a positive outlook on the company’s earnings potential.
The company reported U.S. revenue of $242 million for Abecma® in collaboration with Bristol Myers Squibb, meeting their guidance.
2seventy bio, Inc. (NASDAQ:TSVT) is a biotechnology company based in Cambridge, Massachusetts, specializing in cell and gene therapies for cancer treatment. The company is known for its CAR-T cell product candidates and has a significant collaboration with Bristol-Myers Squibb Company. This partnership is crucial for advancing their pipeline and enhancing their market presence.
The consensus price target for TSVT has seen a notable increase over the past year, rising from $3.5 to $5. This upward trend reflects growing optimism among analysts, likely due to advancements in their CAR-T cell therapies and the strengthening of their collaboration with Bristol-Myers Squibb. The biotech sector’s increasing interest in innovative cancer treatments may also play a role in this positive outlook.
Recently, 2seventy bio received an upgrade to a Zacks Rank #2 (Buy), indicating increased confidence in the company’s earnings potential. This upgrade suggests that the stock might experience upward movement, as highlighted by Zacks. Additionally, Goldman Sachs has set a price target of $26 for TSVT, reflecting strong confidence in the company’s future performance.
In terms of financial performance, 2seventy bio reported U.S. revenue of $242 million for Abecma® in collaboration with Bristol Myers Squibb, aligning with their guidance of $240 to $250 million. Despite some infusion deferrals affecting the fourth quarter, the company anticipates continued use of CAR-T therapies in the market, which could further bolster their financial standing.
During their Q3 2024 earnings conference call, key figures from 2seventy bio, including CEO Chip Baird and CFO Vicki Eatwell, discussed the company’s financial performance and strategic initiatives. Analysts from Citi and Leerink Partners attended the call, indicating strong interest in the company’s progress. With a price target of $26 set by Goldman Sachs, the outlook for TSVT remains positive.
