T2 Biosystems, Inc. (NASDAQ:TTOO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

A number of other analysts have also recently commented on TTOO. Cantor Fitzgerald reduced their price target on T2 Biosystems from $7.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, May 3rd. BTIG Research upgraded T2 Biosystems from a “sell” rating to a “neutral” rating and set a $4.00 price target for the company in a research report on Monday, May 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.75.

T2 Biosystems (NASDAQ:TTOO) opened at 2.96 on Wednesday. T2 Biosystems has a 12-month low of $2.50 and a 12-month high of $8.04. The firm’s 50-day moving average price is $3.04 and its 200-day moving average price is $4.43. The stock’s market cap is $90.56 million.

T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by $0.01. The company had revenue of $0.96 million during the quarter, compared to analysts’ expectations of $0.79 million. T2 Biosystems had a negative return on equity of 178.83% and a negative net margin of 1,473.71%. On average, equities analysts predict that T2 Biosystems will post ($1.92) EPS for the current fiscal year.

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In other T2 Biosystems news, Director David B. Elsbree bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was purchased at an average price of $3.50 per share, for a total transaction of $35,000.00. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $175,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased 20,000 shares of company stock valued at $70,330 in the last quarter. 38.70% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in TTOO. Essex Investment Management Co. LLC boosted its stake in T2 Biosystems by 221.8% in the second quarter. Essex Investment Management Co. LLC now owns 208,190 shares of the medical equipment provider’s stock valued at $668,000 after buying an additional 143,495 shares in the last quarter. Bank of New York Mellon Corp boosted 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. Finally, LMR Partners LLP acquired a new stake in T2 Biosystems during the second quarter valued at about $180,000. Hedge funds and other institutional investors own 67.13% 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).

Analyst Recommendations for T2 Biosystems (NASDAQ:TTOO)

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