T2 Biosystems Inc. (TTOO) Receives “Buy” Rating from Canaccord Genuity
Canaccord Genuity reiterated their buy rating on shares of T2 Biosystems Inc. (NASDAQ:TTOO) in a research report sent to investors on Thursday morning. Canaccord Genuity currently has a $9.00 target price on the stock.
A number of other research analysts have also issued reports on the company. WBB Securities raised T2 Biosystems from a buy rating to a strong-buy rating and boosted their target price for the company from $11.00 to $12.00 in a report on Wednesday, July 20th. BTIG Research lowered T2 Biosystems from a buy rating to a sell rating and dropped their target price for the company from $12.00 to $4.00 in a report on Friday, July 8th. Zacks Investment Research lowered T2 Biosystems from a hold rating to a sell rating in a report on Wednesday, July 27th. Cantor Fitzgerald reaffirmed a buy rating and set a $15.00 price objective on shares of T2 Biosystems in a report on Tuesday, June 21st. Finally, Leerink Swann reaffirmed an outperform rating and set a $11.00 price objective on shares of T2 Biosystems in a report on Monday, June 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $10.65.
T2 Biosystems (NASDAQ:TTOO) opened at 7.72 on Thursday. The stock’s market cap is $188.09 million. T2 Biosystems has a 12 month low of $4.92 and a 12 month high of $12.30. The stock’s 50 day moving average price is $6.86 and its 200-day moving average price is $7.94.
T2 Biosystems (NASDAQ:TTOO) last released 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. The company earned $0.99 million during the quarter, compared to analyst estimates of $1.53 million. T2 Biosystems had a negative net margin of 1,233.67% and a negative return on equity of 159.25%. The company’s revenue for the quarter was up 75.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.54) EPS. Equities research analysts predict that T2 Biosystems 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 on Thursday, June 30th. The stock was sold at an average price of $8.16, for a total value of $29,286.24. Following the sale, the senior vice president now owns 3,589 shares of the company’s stock, valued at $29,286.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 43.20% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Flagship Ventures Fund IV L.P. purchased a new stake in T2 Biosystems during the first quarter valued at $7,314,000. Geode Capital Management LLC increased 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 in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of T2 Biosystems by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,223,416 shares of the company’s stock valued at $41,642,000 after buying an additional 48,529 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake 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 in the last quarter. Finally, State Street Corp increased its stake in shares of T2 Biosystems by 23.9% in the first quarter. State Street Corp now owns 93,844 shares of the company’s stock valued at $927,000 after buying an additional 18,126 shares in the last quarter. 80.44% of the stock is currently owned by institutional investors.
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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