2seventy bio (TSVT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst John Newman from Canaccord Genuity maintained a Buy rating on the stock and has a $12.00 price target.
John Newman has given his Buy rating due to a combination of factors indicating a positive outlook for 2seventy bio’s stock (TSVT). His analysis points to an expected favorable vote from the FDA’s Oncology Drugs Advisory Committee (ODAC) for ABECMA, a key product in the company’s pipeline. Newman highlights the improved Overall Survival (OS) trend for patients treated with ABECMA, even after adjusting for those who crossed over from the control arm. Despite statistical challenges, Newman anticipates that the ODAC panel will be persuaded by the post-hoc analyses and issue a positive vote, which could lead to subsequent FDA approval.
Furthermore, Newman considers the treatment conditions during the trial, which put ABECMA at a disadvantage, yet still demonstrated an encouraging OS trend. Patients on ABECMA had a limited one-cycle bridging and a required 14-day washout, with no active Multiple Myeloma treatment during this period, as opposed to continuous dosing in the control arm. Despite these hurdles, ABECMA showed favorable outcomes. Additionally, the FDA’s framing of the voting question in terms of risk-benefit considerations suggests a more flexible approach that could lead to a positive outcome for the company. Newman’s assessment, therefore, points to significant potential for 2seventy bio’s stock performance following anticipated regulatory developments.
In another report released on March 5, Citi also maintained a Buy rating on the stock with a $9.00 price target.
TSVT’s price has also changed slightly for the past six months – from $3.770 to $4.010, which is a 6.37% increase.
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2seventy bio (TSVT) Company Description:
2seventy bio Inc is primarely in the business of pharmaceutical preparations.
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