Shares of T2 Biosystems Inc (NASDAQ:TTOO) have earned a consensus rating of “Hold” from the nine ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $9.05.
A number of brokerages recently issued reports on TTOO. BidaskClub downgraded T2 Biosystems from a “sell” rating to a “strong sell” rating in a research report on Friday. HC Wainwright reiterated a “buy” rating and set a $14.00 target price on shares of T2 Biosystems in a research report on Monday, October 8th. Cantor Fitzgerald set a $11.00 target price on T2 Biosystems and gave the stock a “buy” rating in a research report on Wednesday, September 26th. ValuEngine downgraded T2 Biosystems from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. Finally, Zacks Investment Research upgraded T2 Biosystems from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th.
TTOO traded up $0.14 during trading on Wednesday, reaching $5.28. The company had a trading volume of 472,725 shares, compared to its average volume of 553,899. T2 Biosystems has a 52 week low of $3.60 and a 52 week high of $9.98. The company has a debt-to-equity ratio of 1.22, a quick ratio of 7.10 and a current ratio of 7.31.
T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings results on Thursday, August 2nd. The medical equipment provider reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.32). The company had revenue of $3.90 million during the quarter, compared to the consensus estimate of $2.97 million. T2 Biosystems had a negative return on equity of 556.22% and a negative net margin of 637.62%. T2 Biosystems’s revenue was up 307.9% on a year-over-year basis. During the same period last year, the company earned ($0.50) earnings per share. As a group, equities research analysts forecast that T2 Biosystems will post -1.33 EPS for the current fiscal year.
In other news, insider Thomas J. Lowery sold 138,144 shares of T2 Biosystems stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $6.18, for a total transaction of $853,729.92. Following the completion of the sale, the insider now directly owns 57,873 shares in the company, valued at $357,655.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 31.50% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Northern Trust Corp lifted its position in shares of T2 Biosystems by 474.7% during the second quarter. Northern Trust Corp now owns 312,079 shares of the medical equipment provider’s stock worth $2,416,000 after purchasing an additional 257,772 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of T2 Biosystems by 183.6% during the second quarter. Bank of New York Mellon Corp now owns 71,935 shares of the medical equipment provider’s stock worth $556,000 after purchasing an additional 46,567 shares during the last quarter. Millennium Management LLC lifted its position in shares of T2 Biosystems by 310.8% during the second quarter. Millennium Management LLC now owns 1,176,522 shares of the medical equipment provider’s stock worth $9,106,000 after purchasing an additional 890,097 shares during the last quarter. Ardsley Advisory Partners purchased a new position in shares of T2 Biosystems during the second quarter valued at $5,844,000. Finally, Zacks Investment Management purchased a new position in shares of T2 Biosystems during the second quarter valued at $124,000. Institutional investors and hedge funds own 59.12% 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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