T2 Biosystems (NASDAQ:TTOO) Downgraded to Hold at Zacks Investment Research

T2 Biosystems (NASDAQ:TTOO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

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. “

Several other research firms have also issued reports on TTOO. Alliance Global Partners lowered T2 Biosystems from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $5.00 to $0.40 in a research report on Thursday. ValuEngine lowered T2 Biosystems from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Cantor Fitzgerald lowered T2 Biosystems from an “overweight” rating to a “neutral” rating in a research report on Wednesday. Janney Montgomery Scott lowered T2 Biosystems from a “buy” rating to a “neutral” rating in a research report on Wednesday. Finally, HC Wainwright lowered T2 Biosystems from a “buy” rating to a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. T2 Biosystems currently has a consensus rating of “Hold” and a consensus price target of $6.19.

TTOO traded up $0.03 on Thursday, hitting $0.61. 1,571,040 shares of the company were exchanged, compared to its average volume of 1,072,688. The stock’s fifty day moving average price is $1.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.81 and a quick ratio of 0.76. T2 Biosystems has a 12 month low of $0.52 and a 12 month high of $7.70.

T2 Biosystems (NASDAQ:TTOO) last posted its quarterly earnings results on Tuesday, July 30th. The medical equipment provider reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.03). T2 Biosystems had a negative return on equity of 506.84% and a negative net margin of 722.70%. The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the previous year, the business earned ($0.32) earnings per share. T2 Biosystems’s revenue was down 53.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that T2 Biosystems will post -1.21 EPS for the current year.

Several hedge funds have recently modified their holdings of the company. Cable Hill Partners LLC grew its position in shares of T2 Biosystems by 100.0% in the 1st quarter. Cable Hill Partners LLC now owns 10,000 shares of the medical equipment provider’s stock worth $26,000 after buying an additional 5,000 shares during the last quarter. Wiley BROS. Aintree Capital LLC bought a new stake in shares of T2 Biosystems in the 1st quarter worth approximately $26,000. Focused Wealth Management Inc boosted its position in shares of T2 Biosystems by 48.7% during the first quarter. Focused Wealth Management Inc now owns 30,550 shares of the medical equipment provider’s stock valued at $80,000 after purchasing an additional 10,000 shares in the last quarter. Lau Associates LLC bought a new stake in shares of T2 Biosystems during the first quarter valued at approximately $33,000. Finally, Two Sigma Investments LP boosted its position in shares of T2 Biosystems by 34.8% during the fourth quarter. Two Sigma Investments LP now owns 52,082 shares of the medical equipment provider’s stock valued at $157,000 after purchasing an additional 13,435 shares in the last quarter. Hedge funds and other institutional investors own 46.19% of the company’s stock.

About T2 Biosystems

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 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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