BTIG Research upgraded shares of T2 Biosystems Inc (NASDAQ:TTOO) from a sell rating to a neutral rating in a research note issued to investors on Monday, May 8th. They currently have $4.00 price target on the medical equipment provider’s stock.
Several other equities analysts also recently commented on TTOO. Zacks Investment Research downgraded shares of T2 Biosystems from a hold rating to a sell rating in a report on Wednesday, January 11th. Canaccord Genuity set a $9.00 target price on shares of T2 Biosystems and gave the stock a buy rating in a report on Monday, January 23rd. WBB Securities restated a buy rating and issued a $12.00 price target on shares of T2 Biosystems in a research report on Sunday, February 5th. Cantor Fitzgerald set a $7.00 price target on shares of T2 Biosystems and gave the stock a buy rating in a research report on Tuesday, February 14th. Finally, Morgan Stanley cut shares of T2 Biosystems from an equal weight rating to an underweight rating and set a $5.00 price target on the stock. in a research report on Tuesday, March 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $6.75.
T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Tuesday, May 2nd. The medical equipment provider reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.47) by $0.01. T2 Biosystems had a negative net margin of 1,250.59% and a negative return on equity of 134.73%. The firm had revenue of $0.94 million for the quarter, compared to analysts’ expectations of $1.55 million.
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In related news, Director David B. Elsbree bought 10,000 shares of the stock in a transaction dated Wednesday, March 15th. The stock was purchased at an average cost of $5.97 per share, with a total value of $59,700.00. Following the completion of the purchase, the director now owns 40,000 shares of the company’s stock, valued at $238,800. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 43.20% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Lagoda Investment Management L.P. acquired a new stake in T2 Biosystems during the third quarter worth $13,625,000. Tiger Management L.L.C. raised its stake in T2 Biosystems by 5.0% in the third quarter. Tiger Management L.L.C. now owns 1,307,639 shares of the medical equipment provider’s stock worth $9,467,000 after buying an additional 62,501 shares during the period. Vanguard Group Inc. raised its stake in T2 Biosystems by 3.4% in the first quarter. Vanguard Group Inc. now owns 648,780 shares of the medical equipment provider’s stock worth $3,413,000 after buying an additional 21,364 shares during the period. State Street Corp raised its stake in T2 Biosystems by 2.7% in the fourth quarter. State Street Corp now owns 195,138 shares of the medical equipment provider’s stock worth $1,027,000 after buying an additional 5,205 shares during the period. Finally, Geode Capital Management LLC raised its stake in T2 Biosystems by 4.4% in the first quarter. Geode Capital Management LLC now owns 122,318 shares of the medical equipment provider’s stock worth $643,000 after buying an additional 5,140 shares during the period. 68.08% of the stock is 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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