T2 Biosystems (NASDAQ:TTOO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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 analysts have also issued research reports about the company. ValuEngine upgraded T2 Biosystems from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. Canaccord Genuity reiterated a “buy” rating and issued a $6.00 target price on shares of T2 Biosystems in a research note on Monday, October 30th. Finally, HC Wainwright began coverage on T2 Biosystems in a research note on Wednesday, October 18th. They issued a “buy” rating and a $8.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. T2 Biosystems has a consensus rating of “Hold” and a consensus target price of $6.54.

T2 Biosystems (TTOO) opened at $5.01 on Friday. T2 Biosystems has a 52 week low of $2.50 and a 52 week high of $6.99. The company has a quick ratio of 5.28, a current ratio of 5.40 and a debt-to-equity ratio of 2.25. The stock has a market capitalization of $192.55, a PE ratio of -2.62 and a beta of 1.48.

T2 Biosystems (NASDAQ:TTOO) last posted its earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.04. T2 Biosystems had a negative return on equity of 244.82% and a negative net margin of 1,497.70%. The company had revenue of $1.11 million for the quarter, compared to analyst estimates of $1.10 million. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. equities research analysts expect that T2 Biosystems will post -1.85 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of TTOO. Susquehanna International Group LLP grew its stake in shares of T2 Biosystems by 931.3% during the second quarter. Susquehanna International Group LLP now owns 85,620 shares of the medical equipment provider’s stock worth $275,000 after acquiring an additional 95,920 shares during the last quarter. Gagnon Securities LLC purchased a new stake in shares of T2 Biosystems during the third quarter worth about $396,000. Point72 Asset Management L.P. purchased a new stake in shares of T2 Biosystems during the third quarter worth about $630,000. Essex Investment Management Co. LLC grew its stake in shares of T2 Biosystems by 239.2% during the third quarter. Essex Investment Management Co. LLC now owns 706,194 shares of the medical equipment provider’s stock worth $2,966,000 after acquiring an additional 498,004 shares during the last quarter. Finally, Lagoda Investment Management L.P. grew its stake in shares of T2 Biosystems by 15.4% during the second quarter. Lagoda Investment Management L.P. now owns 1,975,921 shares of the medical equipment provider’s stock worth $6,343,000 after acquiring an additional 264,337 shares during the last quarter. Institutional investors and hedge funds own 59.73% of the company’s stock.

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T2 Biosystems Company Profile

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).

Analyst Recommendations for T2 Biosystems (NASDAQ:TTOO)

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