T2 Biosystems Inc. (TTOO) Stock Rating Reaffirmed by Canaccord Genuity
T2 Biosystems Inc. (NASDAQ:TTOO)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity in a research report issued to clients and investors on Thursday. They presently have a $9.00 target price on the stock. Canaccord Genuity’s target price indicates a potential upside of 38.46% from the company’s previous close.
A number of other equities research analysts also recently commented on the stock. Zacks Investment Research raised shares of T2 Biosystems from a “sell” rating to a “hold” rating in a research report on Thursday. WBB Securities raised shares of T2 Biosystems from a “buy” rating to a “strong-buy” rating and increased their price objective for the company from $11.00 to $12.00 in a research report on Wednesday, July 20th. Leerink Swann reissued a “buy” rating on shares of T2 Biosystems in a research report on Sunday, July 10th. Cantor Fitzgerald reissued a “buy” rating on shares of T2 Biosystems in a research report on Saturday, July 9th. Finally, Janney Montgomery Scott reissued a “hold” rating on shares of T2 Biosystems in a research report on Saturday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $10.65.
T2 Biosystems (NASDAQ:TTOO) traded up 13.38% on Thursday, reaching $7.37. 270,309 shares of the company were exchanged. The stock has a 50-day moving average price of $6.82 and a 200 day moving average price of $7.95. T2 Biosystems has a 52 week low of $4.92 and a 52 week high of $12.30. The stock’s market capitalization is $179.56 million.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/t2-biosystems-inc-ttoo-stock-rating-reaffirmed-by-canaccord-genuity.html
T2 Biosystems (NASDAQ:TTOO) last announced its quarterly earnings data on Monday, August 1st. The company reported ($0.58) EPS for the quarter, missing the Zacks’ 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 earned $0.99 million during the quarter, compared to analysts’ expectations of $1.53 million. During the same period in the prior year, the company posted ($0.54) earnings per share. The company’s revenue for the quarter was up 75.5% on a year-over-year basis. Analysts forecast that T2 Biosystems will post ($2.21) earnings per share for the current year.
In related news, SVP Rahul Dhanda sold 3,589 shares of the stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $8.16, for a total transaction of $29,286.24. Following the completion of the sale, the senior vice president now owns 3,589 shares in the company, valued at approximately $29,286.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 43.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake 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 worth $41,642,000 after buying an additional 48,529 shares in the last quarter. Tiger Management L.L.C. boosted its stake in shares of T2 Biosystems by 125.5% in the second quarter. Tiger Management L.L.C. now owns 1,245,138 shares of the company’s stock worth $9,824,000 after buying an additional 692,883 shares in the last quarter. Flagship Ventures Fund IV L.P. acquired a new stake in shares of T2 Biosystems during the first quarter worth $7,314,000. Flagship Ventures Fund IV General Partner LLC acquired a new stake in shares of T2 Biosystems during the second quarter worth $5,852,000. Finally, Vanguard Group Inc. boosted its stake in shares of T2 Biosystems by 6.8% in the second quarter. Vanguard Group Inc. now owns 511,978 shares of the company’s stock worth $4,039,000 after buying an additional 32,767 shares in the last quarter. Hedge funds and other institutional investors own 80.44% of the company’s stock.
T2 Biosystems Company Profile
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).
Receive News & Ratings for T2 Biosystems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T2 Biosystems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.