T2 Biosystems (NASDAQ:TTOO) Stock Price Up 25.6%

T2 Biosystems Inc (NASDAQ:TTOO)’s share price rose 25.6% during mid-day trading on Wednesday . The stock traded as high as $1.14 and last traded at $1.13, approximately 1,758,076 shares traded hands during trading. An increase of 72% from the average daily volume of 1,022,502 shares. The stock had previously closed at $0.90.

TTOO has been the subject of several research analyst reports. ValuEngine upgraded shares of T2 Biosystems from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Janney Montgomery Scott lowered shares of T2 Biosystems from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. HC Wainwright reiterated a “hold” rating on shares of T2 Biosystems in a research report on Wednesday, August 7th. Zacks Investment Research lowered shares of T2 Biosystems from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Alliance Global Partners lowered shares of T2 Biosystems from a “buy” rating to a “neutral” rating and dropped their target price for the company from $5.00 to $0.40 in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $6.19.

The stock has a market capitalization of $40.08 million, a PE ratio of -0.91 and a beta of 1.61. The firm’s 50 day simple moving average is $1.22 and its 200 day simple moving average is $2.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.58 and a quick ratio of 0.52.

T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings results on Tuesday, July 30th. The medical equipment provider reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.03). The business had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.95 million. T2 Biosystems had a negative return on equity of 1,263.94% and a negative net margin of 722.70%. The company’s revenue was down 53.8% compared to the same quarter last year. During the same period last year, the business posted ($0.32) earnings per share. Analysts expect that T2 Biosystems Inc will post -1.2 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of TTOO. JPMorgan Chase & Co. raised its stake in shares of T2 Biosystems by 7,546.7% during the second quarter. JPMorgan Chase & Co. now owns 732,400 shares of the medical equipment provider’s stock worth $1,150,000 after acquiring an additional 722,822 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of T2 Biosystems by 20.3% during the second quarter. Vanguard Group Inc. now owns 1,390,197 shares of the medical equipment provider’s stock worth $2,336,000 after acquiring an additional 234,369 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of T2 Biosystems during the second quarter worth approximately $316,000. Paloma Partners Management Co purchased a new position in shares of T2 Biosystems during the second quarter worth approximately $235,000. Finally, BlackRock Inc. raised its stake in shares of T2 Biosystems by 6.3% during the fourth quarter. BlackRock Inc. now owns 2,056,222 shares of the medical equipment provider’s stock worth $6,188,000 after acquiring an additional 121,836 shares in the last quarter. 38.95% of the stock is currently owned by hedge funds and other institutional investors.

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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