Trade Report: The T2 Biosystems Inc. (TTOO) Upgraded by Zacks Investment Research to “Hold”

The T2 Biosystems Inc. (TTOO) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of T2 Biosystems Inc. (NASDAQ:TTOO) from a sell rating to a hold rating in a report issued on Thursday.

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. “

TTOO has been the topic of several other reports. Canaccord Genuity reissued a buy rating and set a $9.00 price target on shares of T2 Biosystems in a research note on Thursday, September 22nd. WBB Securities reissued a buy rating and set a $11.00 price target on shares of T2 Biosystems in a research note on Friday, July 8th. Leerink Swann reissued an outperform rating and set a $11.00 price target on shares of T2 Biosystems in a research note on Monday, June 20th. Janney Montgomery Scott restated a hold rating on shares of T2 Biosystems in a report on Saturday, July 9th. Finally, Cantor Fitzgerald restated a buy rating and issued a $15.00 price objective on shares of T2 Biosystems in a report on Tuesday, June 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and an average target price of $10.65.

T2 Biosystems (NASDAQ:TTOO) traded down 0.97% during trading on Thursday, hitting $7.13. 17,028 shares of the stock traded hands. The company’s market capitalization is $173.72 million. The company’s 50 day moving average is $6.95 and its 200 day moving average is $7.85. T2 Biosystems has a one year low of $4.92 and a one year high of $12.15.

T2 Biosystems (NASDAQ:TTOO) last released its quarterly earnings results on Monday, August 1st. The company reported ($0.58) EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $1.53 million. During the same period last year, the company earned ($0.54) earnings per share. T2 Biosystems’s revenue for the quarter was up 75.5% compared to the same quarter last year. On average, equities analysts forecast that T2 Biosystems will post ($2.18) EPS for the current fiscal year.

Large investors have recently bought and sold shares of the company. Flagship Ventures Fund IV L.P. purchased a new stake in T2 Biosystems during the first quarter valued at $7,314,000. Geode Capital Management LLC raised its stake in 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 period. Goldman Sachs Group Inc. raised its stake in 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 period. State Street Corp raised its stake in 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 period. Finally, KCG Holdings Inc. purchased a new stake in T2 Biosystems during the second quarter valued at $100,000. Institutional investors own 80.41% 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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