T2 Biosystems (TTOO) Trading Down 10%

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T2 Biosystems Inc (NASDAQ:TTOO) shares were down 10% during mid-day trading on Friday . The company traded as low as $2.61 and last traded at $2.62. Approximately 652,440 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 706,408 shares. The stock had previously closed at $2.91.

TTOO has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target (down previously from $14.00) on shares of T2 Biosystems in a research report on Friday, March 8th. Canaccord Genuity reaffirmed a “buy” rating and set a $10.00 price target on shares of T2 Biosystems in a research report on Tuesday, March 5th. Cantor Fitzgerald set a $11.00 price target on T2 Biosystems and gave the company a “buy” rating in a research report on Tuesday, March 5th. Alliance Global Partners initiated coverage on T2 Biosystems in a research report on Thursday. They set a “buy” rating and a $5.00 price target on the stock. Finally, Zacks Investment Research raised T2 Biosystems from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. T2 Biosystems currently has an average rating of “Hold” and an average price target of $7.79.

The company has a debt-to-equity ratio of 0.04, a current ratio of 0.81 and a quick ratio of 1.03. The stock has a market cap of $121.05 million, a P/E ratio of -2.08 and a beta of 1.77.

T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). T2 Biosystems had a negative net margin of 535.26% and a negative return on equity of 325.79%. The firm had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.38 million. During the same period in the prior year, the company earned ($0.36) EPS. The firm’s quarterly revenue was down 21.7% on a year-over-year basis. As a group, analysts predict that T2 Biosystems Inc will post -1.11 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its holdings in T2 Biosystems by 0.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,302,629 shares of the medical equipment provider’s stock worth $11,316,000 after purchasing an additional 13,289 shares in the last quarter. Gagnon Securities LLC lifted its holdings in T2 Biosystems by 124.3% during the 1st quarter. Gagnon Securities LLC now owns 149,065 shares of the medical equipment provider’s stock worth $392,000 after purchasing an additional 82,605 shares in the last quarter. OppenheimerFunds Inc. purchased a new stake in T2 Biosystems during the 1st quarter worth about $97,000. State of Wisconsin Investment Board lifted its holdings in T2 Biosystems by 29.3% during the 1st quarter. State of Wisconsin Investment Board now owns 41,500 shares of the medical equipment provider’s stock worth $109,000 after purchasing an additional 9,400 shares in the last quarter. Finally, Cable Hill Partners LLC lifted its holdings in T2 Biosystems by 100.0% during the 1st quarter. Cable Hill Partners LLC now owns 10,000 shares of the medical equipment provider’s stock worth $26,000 after purchasing an additional 5,000 shares in the last quarter. 48.75% of the stock is currently owned by institutional investors and hedge funds.

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About T2 Biosystems (NASDAQ:TTOO)

T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States and internationally. 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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