T2 Biosystems (NASDAQ:TTOO) Stock Price Down 5.3%


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Shares of T2 Biosystems, Inc. (NASDAQ:TTOO) traded down 5.3% on Wednesday . The company traded as low as $1.68 and last traded at $1.80. 11,956,964 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 17,277,445 shares. The stock had previously closed at $1.90.

A number of research analysts recently weighed in on the stock. Canaccord Genuity cut their target price on shares of T2 Biosystems from $4.00 to $3.50 and set a “buy” rating for the company in a report on Thursday, November 5th. Zacks Investment Research lowered shares of T2 Biosystems from a “buy” rating to a “hold” rating in a report on Tuesday, October 13th. BTIG Research assumed coverage on shares of T2 Biosystems in a report on Wednesday, October 7th. They issued a “buy” rating and a $2.50 target price for the company. SVB Leerink raised their target price on shares of T2 Biosystems from $3.00 to $4.00 and gave the company an “outperform” rating in a report on Thursday, November 5th. Finally, Alliance Global Partners raised their target price on shares of T2 Biosystems from $1.65 to $2.60 and gave the company a “buy” rating in a report on Thursday, November 5th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $2.62.

The firm’s 50 day simple moving average is $1.21 and its 200 day simple moving average is $1.35. The company has a market capitalization of $266.32 million, a PE ratio of -1.96 and a beta of 1.07.

T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings data on Monday, November 9th. The medical equipment provider reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $5.25 million for the quarter, compared to analysts’ expectations of $3.96 million. As a group, equities analysts predict that T2 Biosystems, Inc. will post -0.45 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Founders Capital Management purchased a new stake in shares of T2 Biosystems during the fourth quarter valued at $32,000. Bank of New York Mellon Corp purchased a new stake in shares of T2 Biosystems during the second quarter valued at $54,000. Jane Street Group LLC purchased a new stake in shares of T2 Biosystems during the second quarter valued at $59,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of T2 Biosystems during the second quarter valued at $61,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of T2 Biosystems during the second quarter valued at $74,000. 10.06% of the stock is owned by institutional investors.

T2 Biosystems Company Profile (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 technology that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, cerebral spinal fluid, and urine.

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