Canaccord Genuity Reaffirms “Buy” Rating for T2 Biosystems Inc. (TTOO)
T2 Biosystems Inc. (NASDAQ:TTOO)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity in a research note issued on Thursday. They currently have a $9.00 price objective on the stock. Canaccord Genuity’s price objective indicates a potential upside of 38.46% from the stock’s previous close.
Several other equities analysts have also issued reports on the company. Zacks Investment Research upgraded T2 Biosystems from a “sell” rating to a “hold” rating in a research note on Thursday. WBB Securities upgraded T2 Biosystems from a “buy” rating to a “strong-buy” rating and boosted their price target for the company from $11.00 to $12.00 in a research note on Wednesday, July 20th. Leerink Swann restated a “buy” rating on shares of T2 Biosystems in a research note on Sunday, July 10th. Cantor Fitzgerald restated a “buy” rating on shares of T2 Biosystems in a research note on Saturday, July 9th. Finally, Janney Montgomery Scott restated a “hold” rating on shares of T2 Biosystems in a research note on Saturday, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $10.65.
Shares of T2 Biosystems (NASDAQ:TTOO) traded up 9.38% during mid-day trading on Thursday, reaching $7.11. The company’s stock had a trading volume of 103,611 shares. T2 Biosystems has a 12 month low of $4.92 and a 12 month high of $12.30. The company has a 50 day moving average of $6.82 and a 200-day moving average of $7.95. The firm’s market capitalization is $173.23 million.
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T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by $0.02. T2 Biosystems had a negative net margin of 1,233.67% and a negative return on equity of 159.25%. The firm had revenue of $0.99 million for the quarter, compared to the consensus estimate of $1.53 million. During the same quarter in the prior year, the firm earned ($0.54) earnings per share. The company’s revenue was up 75.5% on a year-over-year basis. Equities research analysts forecast that T2 Biosystems will post ($2.21) EPS for the current year.
In other news, SVP Rahul Dhanda sold 3,589 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $8.16, for a total value of $29,286.24. Following the transaction, the senior vice president now directly owns 3,589 shares of the company’s stock, valued at approximately $29,286.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 43.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in TTOO. TIAA CREF Investment Management LLC increased its position in shares of T2 Biosystems by 10.9% in the first quarter. TIAA CREF Investment Management LLC now owns 34,623 shares of the company’s stock valued at $341,000 after buying an additional 3,417 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of T2 Biosystems by 1.8% in the first quarter. BlackRock Fund Advisors now owns 275,057 shares of the company’s stock valued at $2,712,000 after buying an additional 4,912 shares during the last quarter. State Street Corp increased its position in shares of T2 Biosystems by 23.9% in the first quarter. State Street Corp now owns 93,844 shares of the company’s stock valued at $927,000 after buying an additional 18,126 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of T2 Biosystems by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 4,223,416 shares of the company’s stock valued at $41,642,000 after buying an additional 48,529 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of T2 Biosystems by 2.3% in the first quarter. Geode Capital Management LLC now owns 100,150 shares of the company’s stock valued at $987,000 after buying an additional 2,238 shares during the last quarter. 80.44% of the stock is currently owned by institutional investors and hedge funds.
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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