Zacks Investment Research cut shares of T2 Biosystems Inc (NASDAQ:TTOO) from a hold rating to a sell rating in a report issued on Wednesday morning.

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. “

TTOO has been the topic of several other research reports. WBB Securities reiterated a buy rating and issued a $12.00 price objective on shares of T2 Biosystems in a report on Sunday, February 5th. Canaccord Genuity set a $9.00 price objective on T2 Biosystems and gave the stock a buy rating in a report on Monday, January 23rd. Cantor Fitzgerald set a $7.00 price objective on T2 Biosystems and gave the stock a buy rating in a report on Wednesday, March 8th. Finally, Morgan Stanley downgraded T2 Biosystems from an equal weight rating to an underweight rating and set a $5.00 price objective on the stock. in a report on Tuesday, March 14th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $6.89.

Analyst Recommendations for T2 Biosystems (NASDAQ:TTOO)

T2 Biosystems (NASDAQ:TTOO) opened at 5.88 on Wednesday. The company’s market cap is $179.23 million. T2 Biosystems has a one year low of $4.89 and a one year high of $11.30. The firm has a 50-day moving average price of $5.81 and a 200 day moving average price of $6.09.

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In related news, Director David B. Elsbree acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were purchased at an average price of $5.97 per share, for a total transaction of $59,700.00. Following the completion of the acquisition, the director now owns 40,000 shares in the company, valued at $238,800. The purchase was disclosed in a filing with the SEC, which is available at this link. 43.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TTOO. Senvest Management LLC increased its position in T2 Biosystems by 14.9% in the third quarter. Senvest Management LLC now owns 1,898,080 shares of the company’s stock valued at $13,742,000 after buying an additional 246,849 shares during the period. Lagoda Investment Management L.P. acquired a new position in T2 Biosystems during the third quarter valued at $13,625,000. Tiger Management L.L.C. increased its position in T2 Biosystems by 5.0% in the third quarter. Tiger Management L.L.C. now owns 1,307,639 shares of the company’s stock valued at $9,467,000 after buying an additional 62,501 shares during the period. Finally, State Street Corp increased its position in T2 Biosystems by 2.7% in the fourth quarter. State Street Corp now owns 195,138 shares of the company’s stock valued at $1,027,000 after buying an additional 5,205 shares during the period. Hedge funds and other institutional investors own 68.08% 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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