2seventy bio rises on Q2 profit

2Seventy Bio

07/08/2024 15:29

** Shares of cancer therapy maker 2seventy bio  TSVT.O  rise
19.9% to $4.82 
    ** Co reports Q2 net profit of 45 cents per share compared
with a loss of 83 cents per share a year ago 
    ** Q2 sales of cancer cell therapy Abecma came in at $54 mln
    ** Says it has lowered its net cash spend range to $40 mln
to $60 mln for 2024
    ** Reports Q2 R&D expenses of $16 mln compared with $60 mln
a year ago 
    ** Co says it has "dramatically" reduced its cost structure
and completed the sale of its oncology R&D business and blood
disorder therapy which "move us closer to achieving quarterly
profitability by the end of 2025" 
    ** Including session moves, stock up 11.8% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))