Canaccord Genuity restated their buy rating on shares of T2 Biosystems Inc. (NASDAQ:TTOO) in a research note issued to investors on Thursday. Canaccord Genuity currently has a $9.00 price target on the stock.
A number of other research firms have also recently issued reports on TTOO. Cantor Fitzgerald reiterated a buy rating and issued a $15.00 target price on shares of T2 Biosystems in a research note on Tuesday, June 21st. Leerink Swann restated an outperform rating and issued a $11.00 price objective on shares of T2 Biosystems in a research report on Monday, June 20th. WBB Securities upgraded shares of T2 Biosystems from a speculative buy rating to a buy rating and set a $11.00 price objective for the company in a research report on Wednesday, June 22nd. Zacks Investment Research cut shares of T2 Biosystems from a buy rating to a hold rating in a research report on Wednesday, July 6th. Finally, BTIG Research cut shares of T2 Biosystems from a buy rating to a sell rating and dropped their price objective for the stock from $12.00 to $4.00 in a research report on Friday, July 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. T2 Biosystems has an average rating of Hold and a consensus price target of $10.65.
T2 Biosystems (NASDAQ:TTOO) opened at 7.40 on Thursday. The company’s market cap is $180.29 million. The firm’s 50-day moving average price is $6.90 and its 200-day moving average price is $7.90. T2 Biosystems has a 12-month low of $4.92 and a 12-month high of $12.30.
T2 Biosystems (NASDAQ:TTOO) last posted its earnings results on Monday, August 1st. The company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by $0.02. T2 Biosystems had a negative net margin of 1,233.67% and a negative return on equity of 159.25%. The firm earned $0.99 million during the quarter, compared to the consensus estimate of $1.53 million. During the same quarter last year, the firm posted ($0.54) EPS. The business’s revenue was up 75.5% on a year-over-year basis. Analysts expect that T2 Biosystems will post ($2.18) EPS for the current year.
In other T2 Biosystems news, SVP Rahul Dhanda sold 3,589 shares of the company’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $8.16, for a total transaction of $29,286.24. Following the completion of the sale, the senior vice president now owns 3,589 shares in the company, valued at approximately $29,286.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 43.20% of the company’s stock.
Several hedge funds have recently modified their holdings of TTOO. Geode Capital Management LLC boosted its stake in shares of T2 Biosystems by 2.3% in the first quarter. Geode Capital Management LLC now owns 100,150 shares of the company’s stock valued at $987,000 after buying an additional 2,238 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of T2 Biosystems by 10.9% in the first quarter. TIAA CREF Investment Management LLC now owns 34,623 shares of the company’s stock valued at $341,000 after buying an additional 3,417 shares during the period. Teachers Advisors Inc. raised its position in shares of T2 Biosystems by 20.8% in the second quarter. Teachers Advisors Inc. now owns 20,063 shares of the company’s stock valued at $158,000 after buying an additional 3,448 shares during the period. BlackRock Fund Advisors raised its position in shares of T2 Biosystems by 1.8% in the first quarter. BlackRock Fund Advisors now owns 275,057 shares of the company’s stock valued at $2,712,000 after buying an additional 4,912 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of T2 Biosystems by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 44,105 shares of the company’s stock valued at $348,000 after buying an additional 6,435 shares during the period. Institutional investors own 80.44% of the company’s stock.
About T2 Biosystems
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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