T2 Biosystems Inc. (TTOO) Trading Down 3.7%
T2 Biosystems Inc. (NASDAQ:TTOO)’s share price dropped 3.7% during mid-day trading on Monday . The company traded as low as $7.02 and last traded at $7.20, with a volume of 123,045 shares. The stock had previously closed at $7.48.
TTOO has been the subject of a number of recent research reports. WBB Securities upgraded shares of T2 Biosystems from a “buy” rating to a “strong-buy” rating and lifted their price target for the stock from $11.00 to $12.00 in a report on Wednesday, July 20th. BTIG Research downgraded shares of T2 Biosystems from a “buy” rating to a “sell” rating and lowered their price target for the stock from $12.00 to $4.00 in a report on Friday, July 8th. Canaccord Genuity lowered their price target on shares of T2 Biosystems from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Zacks Investment Research downgraded shares of T2 Biosystems from a “hold” rating to a “sell” rating in a report on Wednesday, July 27th. Finally, Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 price target on shares of T2 Biosystems in a report on Tuesday, June 21st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $10.65.
The stock’s 50 day moving average price is $6.72 and its 200-day moving average price is $8.36. The company’s market capitalization is $172.96 million.
T2 Biosystems (NASDAQ:TTOO) last announced its earnings results on Monday, August 1st. The company reported ($0.58) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.56) by $0.02. During the same period in the previous year, the company earned ($0.54) EPS. The company had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $1.53 million. The firm’s quarterly revenue was up 75.5% compared to the same quarter last year. Analysts anticipate that T2 Biosystems Inc. will post ($2.21) 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 dated Thursday, June 30th. The shares were sold at an average price of $8.16, for a total value of $29,286.24. Following the completion of the sale, the senior vice president now directly owns 3,589 shares of the company’s stock, valued at approximately $29,286.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
An institutional investor recently raised its position in T2 Biosystems stock. Aisling Capital LLC raised its position in shares of T2 Biosystems Inc. (NASDAQ:TTOO) by 12.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,830,992 shares of the company’s stock after buying an additional 307,692 shares during the period. T2 Biosystems makes up about 5.3% of Aisling Capital LLC’s holdings, making the stock its 6th largest position. Aisling Capital LLC owned about 13.89% of T2 Biosystems worth $30,971,000 at the end of the most recent reporting period.
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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