T2 Biosystems, Inc. (NASDAQ:TTOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, November 8th. The firm currently has a $4.75 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.70% from the stock’s previous close.
According to Zacks, “T2 Biosystems, Inc. is an in vitro diagnostics company. It has developed a technology platform that is designed to offer a rapid, sensitive and simple alternative to existing diagnostic methodologies. The Company uses its T2 Magnetic Resonance platform, or T2MR, that enables rapid detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets. It operates primarily in the United States. T2 Biosystems, Inc. is headquartered in Lexington, Massachusetts. “
Other research analysts have also recently issued reports about the company. ValuEngine upgraded T2 Biosystems from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. Canaccord Genuity reiterated a “buy” rating and set a $6.00 price target on shares of T2 Biosystems in a research report on Monday, October 30th. Finally, HC Wainwright started coverage on T2 Biosystems in a research report on Wednesday, October 18th. They set a “buy” rating and a $8.00 price target for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $6.54.
T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.04. T2 Biosystems had a negative return on equity of 244.82% and a negative net margin of 1,497.70%. The business had revenue of $1.11 million during the quarter, compared to the consensus estimate of $1.10 million. The business’s quarterly revenue was up 2.8% on a year-over-year basis. sell-side analysts anticipate that T2 Biosystems will post -1.88 earnings per share for the current year.
Several large investors have recently modified their holdings of the company. LMR Partners LLP acquired a new position in T2 Biosystems during the second quarter worth $180,000. Bank of New York Mellon Corp boosted its stake in T2 Biosystems by 0.4% during 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 last quarter. Susquehanna International Group LLP boosted its stake in T2 Biosystems by 931.3% during the second quarter. Susquehanna International Group LLP now owns 85,620 shares of the medical equipment provider’s stock worth $275,000 after buying an additional 95,920 shares during the last quarter. Gagnon Securities LLC acquired a new position in T2 Biosystems during the third quarter worth $396,000. Finally, Point72 Asset Management L.P. purchased a new stake in T2 Biosystems in the third quarter valued at $630,000. 48.95% of the stock is currently owned by hedge funds and other institutional investors.
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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