T2 Biosystems Inc. (NASDAQ:TTOO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. “

Other analysts also recently issued reports about the company. Leerink Swann restated a “buy” rating on shares of T2 Biosystems in a report on Sunday, July 10th. Cantor Fitzgerald restated a “buy” rating on shares of T2 Biosystems in a report on Saturday, July 9th. Janney Montgomery Scott restated a “hold” rating on shares of T2 Biosystems in a report on Saturday, July 9th. Canaccord Genuity restated a “buy” rating on shares of T2 Biosystems in a report on Sunday, May 29th. Finally, WBB Securities restated a “buy” rating and issued a $11.00 price objective on shares of T2 Biosystems in a report on Friday, July 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $10.65.

Shares of T2 Biosystems (NASDAQ:TTOO) opened at 6.50 on Thursday. The firm’s market cap is $158.37 million. The firm has a 50 day moving average price of $6.82 and a 200 day moving average price of $7.95. T2 Biosystems has a 1-year low of $4.92 and a 1-year high of $12.30.

T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings data on Monday, August 1st. The company reported ($0.58) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by $0.02. The company earned $0.99 million during the quarter, compared to analyst estimates of $1.53 million. T2 Biosystems had a negative net margin of 1,233.67% and a negative return on equity of 159.25%. The business’s revenue for the quarter was up 75.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.54) earnings per share. Analysts anticipate that T2 Biosystems will post ($2.21) EPS for the current year.

In other news, SVP Rahul Dhanda sold 3,589 shares of the stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $8.16, for a total transaction of $29,286.24. Following the transaction, the senior vice president now owns 3,589 shares of the company’s stock, valued at approximately $29,286.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 43.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC boosted its position in T2 Biosystems by 10.9% in the first quarter. TIAA CREF Investment Management LLC now owns 34,623 shares of the company’s stock worth $341,000 after buying an additional 3,417 shares during the period. BlackRock Fund Advisors boosted its position in T2 Biosystems by 1.8% in the first quarter. BlackRock Fund Advisors now owns 275,057 shares of the company’s stock worth $2,712,000 after buying an additional 4,912 shares during the period. State Street Corp boosted its position in T2 Biosystems by 23.9% in the first quarter. State Street Corp now owns 93,844 shares of the company’s stock worth $927,000 after buying an additional 18,126 shares during the period. Goldman Sachs Group Inc. boosted its position 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 worth $41,642,000 after buying an additional 48,529 shares during the period. Finally, Geode Capital Management LLC boosted its position in T2 Biosystems by 2.3% in the first quarter. Geode Capital Management LLC now owns 100,150 shares of the company’s stock worth $987,000 after buying an additional 2,238 shares during the period. 80.44% of the stock is currently owned by 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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