T2 Biosystems (NASDAQ:TTOO) Shares Down 2.6%

T2 Biosystems Inc (NASDAQ:TTOO)’s share price was down 2.6% during trading on Monday . The company traded as low as $1.49 and last traded at $1.50. Approximately 51,815 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 918,986 shares. The stock had previously closed at $1.54.

A number of equities analysts have recently commented on TTOO shares. Cantor Fitzgerald set a $10.00 price objective on T2 Biosystems and gave the stock a “buy” rating in a research note on Friday, May 24th. HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective (down from $14.00) on shares of T2 Biosystems in a research note on Friday, March 8th. Zacks Investment Research lowered T2 Biosystems from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. ValuEngine lowered T2 Biosystems from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Alliance Global Partners started coverage on T2 Biosystems in a research note on Thursday, May 16th. They issued a “buy” rating and a $5.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $7.63.

The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 0.04. The company has a market cap of $70.06 million, a PE ratio of -1.36 and a beta of 1.86.

T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04). T2 Biosystems had a negative net margin of 535.26% and a negative return on equity of 325.79%. The firm had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.38 million. During the same quarter in the prior year, the firm earned ($0.36) earnings per share. The company’s revenue was down 21.7% on a year-over-year basis. As a group, equities analysts forecast that T2 Biosystems Inc will post -1.18 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its stake in T2 Biosystems by 0.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,302,629 shares of the medical equipment provider’s stock valued at $11,316,000 after acquiring an additional 13,289 shares during the period. BlackRock Inc. increased its stake in T2 Biosystems by 20.5% during the first quarter. BlackRock Inc. now owns 2,478,663 shares of the medical equipment provider’s stock valued at $6,519,000 after acquiring an additional 422,441 shares during the period. Vanguard Group Inc. increased its stake in T2 Biosystems by 8.6% during the third quarter. Vanguard Group Inc. now owns 1,621,740 shares of the medical equipment provider’s stock valued at $12,082,000 after acquiring an additional 128,724 shares during the period. Geode Capital Management LLC increased its stake in T2 Biosystems by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 375,582 shares of the medical equipment provider’s stock valued at $1,130,000 after acquiring an additional 13,552 shares during the period. Finally, Bell Rock Capital LLC increased its stake in T2 Biosystems by 5.7% during the first quarter. Bell Rock Capital LLC now owns 340,375 shares of the medical equipment provider’s stock valued at $897,000 after acquiring an additional 18,240 shares during the period. Hedge funds and other institutional investors own 46.23% of the company’s stock.

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T2 Biosystems Company Profile (NASDAQ:TTOO)

T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States and internationally. It provides T2 Magnetic Resonance platform that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, and urine.

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