Zacks: Brokerages Anticipate T2 Biosystems, Inc. (TTOO) Will Announce Earnings of -$0.49 Per Share
Wall Street analysts predict that T2 Biosystems, Inc. (NASDAQ:TTOO) will announce ($0.49) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for T2 Biosystems’ earnings. The lowest EPS estimate is ($0.49) and the highest is ($0.48). T2 Biosystems reported earnings of ($0.51) per share during the same quarter last year, which indicates a positive year over year growth rate of 3.9%. The firm is scheduled to report its next earnings report on Thursday, August 3rd.
On average, analysts expect that T2 Biosystems will report full-year earnings of ($1.96) per share for the current financial year, with EPS estimates ranging from ($1.96) to ($1.95). For the next financial year, analysts forecast that the firm will report earnings of ($1.60) per share, with EPS estimates ranging from ($1.95) to ($1.25). Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow T2 Biosystems.
T2 Biosystems (NASDAQ:TTOO) last announced its quarterly earnings data on Thursday, August 3rd. The medical equipment provider reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by $0.01. The business had revenue of $0.96 million during the quarter, compared to analysts’ expectations of $0.79 million. T2 Biosystems had a negative return on equity of 148.38% and a negative net margin of 1,473.71%.
TTOO has been the topic of several recent analyst reports. Zacks Investment Research upgraded T2 Biosystems from a “sell” rating to a “hold” rating in a report on Friday, April 14th. Cantor Fitzgerald reduced their target price on T2 Biosystems from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, May 3rd. Finally, BTIG Research upgraded T2 Biosystems from a “sell” rating to a “neutral” rating and set a $4.00 target price on the stock in a report on Monday, May 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $6.75.
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Shares of T2 Biosystems (TTOO) traded up 4.03% during midday trading on Monday, reaching $3.10. The company had a trading volume of 350,573 shares. T2 Biosystems has a 52-week low of $2.50 and a 52-week high of $8.12. The company’s 50-day moving average is $3.11 and its 200-day moving average is $4.47. The firm’s market cap is $94.84 million.
In other news, Director David B. Elsbree purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were bought at an average cost of $3.50 per share, for a total transaction of $35,000.00. Following the completion of the acquisition, the director now directly owns 50,000 shares in the company, valued at approximately $175,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders bought 20,000 shares of company stock worth $70,330. Corporate insiders own 38.70% of the company’s stock.
Several hedge funds have recently modified their holdings of TTOO. Essex Investment Management Co. LLC raised its stake in shares of T2 Biosystems by 221.8% in the second quarter. Essex Investment Management Co. LLC now owns 208,190 shares of the medical equipment provider’s stock worth $668,000 after buying an additional 143,495 shares during the period. LMR Partners LLP purchased a new stake in shares of T2 Biosystems during the second quarter worth approximately $180,000. Finally, Bank of New York Mellon Corp raised its stake in shares of T2 Biosystems by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 56,415 shares of the medical equipment provider’s stock worth $297,000 after buying an additional 201 shares during the period. Institutional investors own 67.13% of the company’s stock.
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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