T2 Biosystems Inc (NASDAQ:TTOO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, April 14th.
According to Zacks, “T2 Biosystems, Inc. is an in vitro diagnostics company. It has developed a technology platform that is designed to offer a rapid, sensitive and simple alternative to existing diagnostic methodologies. The Company uses its T2 Magnetic Resonance platform, or T2MR, that enables rapid detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets. It operates primarily in the United States. T2 Biosystems, Inc. is headquartered in Lexington, Massachusetts. “
Several other equities research analysts also recently issued reports on the company. Morgan Stanley downgraded T2 Biosystems from an “equal weight” rating to an “underweight” rating and set a $5.00 price target for the company. in a report on Tuesday, March 14th. Cantor Fitzgerald set a $7.00 price target on T2 Biosystems and gave the stock a “buy” rating in a report on Wednesday, March 8th. Canaccord Genuity set a $9.00 price target on T2 Biosystems and gave the stock a “buy” rating in a report on Tuesday, February 14th. Finally, WBB Securities restated a “buy” rating and issued a $12.00 price target on shares of T2 Biosystems in a report on Sunday, February 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $6.75.
T2 Biosystems (NASDAQ:TTOO) traded up 0.62% during trading on Friday, hitting $3.25. The company had a trading volume of 26,304 shares. The firm has a 50-day moving average of $4.54 and a 200 day moving average of $5.42. T2 Biosystems has a 12-month low of $3.15 and a 12-month high of $9.49. The company’s market capitalization is $99.43 million.
T2 Biosystems (NASDAQ:TTOO) last announced its quarterly earnings results on Tuesday, May 2nd. The medical equipment provider reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by $0.01. T2 Biosystems had a negative return on equity of 134.73% and a negative net margin of 1,250.59%. The business had revenue of $0.94 million during the quarter, compared to the consensus estimate of $1.55 million. On average, equities research analysts forecast that T2 Biosystems will post ($1.90) earnings per share for the current year.
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In related news, Director David B. Elsbree purchased 10,000 shares of T2 Biosystems stock in a transaction that occurred on Wednesday, March 15th. The stock was purchased at an average cost of $5.97 per share, with a total value of $59,700.00. Following the completion of the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $238,800. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 43.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of TTOO. Teachers Advisors LLC boosted its position in shares of T2 Biosystems by 25.5% in the fourth quarter. Teachers Advisors LLC now owns 25,176 shares of the medical equipment provider’s stock valued at $132,000 after buying an additional 5,113 shares during the period. Bank of New York Mellon Corp raised its stake in T2 Biosystems by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 56,415 shares of the medical equipment provider’s stock valued at $297,000 after buying an additional 201 shares in the last quarter. Geode Capital Management LLC raised its stake in T2 Biosystems by 4.4% in the first quarter. Geode Capital Management LLC now owns 122,318 shares of the medical equipment provider’s stock valued at $643,000 after buying an additional 5,140 shares in the last quarter. State Street Corp raised its stake in T2 Biosystems by 2.7% in the fourth quarter. State Street Corp now owns 195,138 shares of the medical equipment provider’s stock valued at $1,027,000 after buying an additional 5,205 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in T2 Biosystems by 3.4% in the first quarter. Vanguard Group Inc. now owns 648,780 shares of the medical equipment provider’s stock valued at $3,413,000 after buying an additional 21,364 shares in the last quarter. 68.08% of the stock is owned by hedge funds and other institutional investors.
T2 Biosystems Company Profile
T2 Biosystems, Inc is an in vitro diagnostics company engaged in developing a technology platform offering an alternative to diagnostic methodologies. The Company’s T2 Magnetic Resonance platform (T2MR) enables detection of pathogens, biomarkers and other abnormalities in a range of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets at limits of detection as one colony forming unit per milliliter (CFU/mL).
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