Zacks: Brokerages Expect T2 Biosystems, Inc. (TTOO) Will Post Quarterly Sales of $1.15 Million
Wall Street analysts predict that T2 Biosystems, Inc. (NASDAQ:TTOO) will report $1.15 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for T2 Biosystems’ earnings, with the highest sales estimate coming in at $1.20 million and the lowest estimate coming in at $1.10 million. T2 Biosystems reported sales of $910,000.00 in the same quarter last year, which indicates a positive year-over-year growth rate of 26.4%. The business is expected to report its next quarterly earnings report on Thursday, February 15th.
According to Zacks, analysts expect that T2 Biosystems will report full-year sales of $1.15 million for the current fiscal year, with estimates ranging from $3.95 million to $4.21 million. For the next year, analysts forecast that the company will report sales of $11.87 million per share, with estimates ranging from $7.50 million to $20.40 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for T2 Biosystems.
T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.11 million for the quarter, compared to the consensus estimate of $1.10 million. The company’s quarterly revenue was up 2.8% on a year-over-year basis.
Several research analysts have issued reports on the company. Zacks Investment Research downgraded T2 Biosystems from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. ValuEngine raised T2 Biosystems from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $6.00 price objective on shares of T2 Biosystems in a report on Monday, October 30th. Finally, HC Wainwright assumed coverage on T2 Biosystems in a report on Wednesday, October 18th. They set a “buy” rating and a $8.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.54.
T2 Biosystems (NASDAQ:TTOO) opened at $4.15 on Friday. T2 Biosystems has a 1-year low of $2.50 and a 1-year high of $7.07. The company has a quick ratio of 4.57, a current ratio of 5.40 and a debt-to-equity ratio of 2.25.
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A number of large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in T2 Biosystems by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 56,415 shares of the medical equipment provider’s stock valued at $297,000 after purchasing an additional 201 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in T2 Biosystems by 0.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,270,632 shares of the medical equipment provider’s stock valued at $13,709,000 after purchasing an additional 18,000 shares during the last quarter. LMR Partners LLP acquired a new stake in T2 Biosystems in the 2nd quarter valued at about $180,000. Susquehanna International Group LLP lifted its stake in T2 Biosystems by 931.3% in the 2nd quarter. Susquehanna International Group LLP now owns 85,620 shares of the medical equipment provider’s stock valued at $275,000 after purchasing an additional 95,920 shares during the last quarter. Finally, Essex Investment Management Co. LLC lifted its stake in T2 Biosystems by 221.8% in the 2nd quarter. Essex Investment Management Co. LLC now owns 208,190 shares of the medical equipment provider’s stock valued at $668,000 after purchasing an additional 143,495 shares during the last quarter. Institutional investors and hedge funds own 54.41% of the company’s stock.
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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