T2 Biosystems (NASDAQ:TTOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $5.75 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.19% from the company’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 equities research analysts have also recently issued research reports about the stock. HC Wainwright set a $14.00 price target on shares of T2 Biosystems and gave the company a “buy” rating in a report on Friday, November 2nd. Cantor Fitzgerald set a $11.00 target price on shares of T2 Biosystems and gave the stock a “buy” rating in a report on Friday, November 2nd. ValuEngine cut shares of T2 Biosystems from a “buy” rating to a “hold” rating in a report on Thursday, September 13th. Finally, BidaskClub cut shares of T2 Biosystems from a “hold” rating to a “sell” rating in a report on Wednesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. T2 Biosystems has a consensus rating of “Buy” and a consensus price target of $8.99.
NASDAQ:TTOO opened at $5.08 on Thursday. T2 Biosystems has a 52 week low of $3.75 and a 52 week high of $9.98. The company has a quick ratio of 6.81, a current ratio of 7.16 and a debt-to-equity ratio of 1.66.
T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings results on Thursday, November 1st. The medical equipment provider reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.08. T2 Biosystems had a negative net margin of 522.30% and a negative return on equity of 461.31%. The firm had revenue of $2.50 million for the quarter, compared to analysts’ expectations of $2.44 million. During the same quarter in the prior year, the company posted ($0.45) earnings per share. The business’s revenue for the quarter was up 127.3% on a year-over-year basis. As a group, equities analysts expect that T2 Biosystems will post -1.26 earnings per share for the current year.
In related news, insider Thomas J. Lowery sold 138,144 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $6.18, for a total value of $853,729.92. Following the sale, the insider now owns 57,873 shares in the company, valued at $357,655.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Lapidus sold 6,048 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $5.29, for a total transaction of $31,993.92. Following the completion of the sale, the director now owns 59,058 shares in the company, valued at approximately $312,416.82. The disclosure for this sale can be found here. Company insiders own 31.50% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Raymond James & Associates purchased a new stake in T2 Biosystems in the second quarter worth approximately $100,000. Staley Capital Advisers Inc. purchased a new position in shares of T2 Biosystems during the 2nd quarter worth $116,000. Creative Planning purchased a new position in shares of T2 Biosystems during the 3rd quarter worth $112,000. Zacks Investment Management purchased a new position in shares of T2 Biosystems during the 2nd quarter worth $124,000. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of T2 Biosystems during the 2nd quarter worth $127,000. Institutional investors own 59.01% of the company’s stock.
T2 Biosystems Company Profile
T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States. It provides T2 Magnetic Resonance platform that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, and urine.
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