T2 Biosystems (NASDAQ:TTOO) Shares Gap Down to $0.59

T2 Biosystems Inc (NASDAQ:TTOO)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $0.36, but opened at $0.59. T2 Biosystems shares last traded at $0.61, with a volume of 2,108,603 shares changing hands.

Several research firms have recently commented on TTOO. Cantor Fitzgerald cut shares of T2 Biosystems from an “overweight” rating to a “neutral” rating in a report on Wednesday. Janney Montgomery Scott cut shares of T2 Biosystems from a “buy” rating to a “neutral” rating in a report on Wednesday. HC Wainwright cut shares of T2 Biosystems from a “buy” rating to a “neutral” rating in a report on Wednesday. ValuEngine upgraded shares of T2 Biosystems from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Zacks Investment Research cut shares of T2 Biosystems from a “buy” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $6.19.

The stock has a fifty day simple moving average of $1.60. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.76 and a current ratio of 0.81.

T2 Biosystems (NASDAQ:TTOO) last released its earnings results on Tuesday, July 30th. The medical equipment provider reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.03). The firm had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.95 million. T2 Biosystems had a negative return on equity of 506.84% and a negative net margin of 722.70%. The firm’s revenue was down 53.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.32) EPS. As a group, equities analysts expect that T2 Biosystems Inc will post -1.21 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Wiley BROS. Aintree Capital LLC acquired a new position in shares of T2 Biosystems during the first quarter valued at about $26,000. Cable Hill Partners LLC grew its stake in T2 Biosystems by 100.0% during the first 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. Lau Associates LLC bought a new stake in T2 Biosystems during the first quarter worth about $33,000. Jane Street Group LLC bought a new stake in T2 Biosystems during the fourth quarter worth about $67,000. Finally, Focused Wealth Management Inc grew its stake in 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 worth $80,000 after buying an additional 10,000 shares during the last quarter. 46.19% of the stock is owned by hedge funds and other institutional investors.

About T2 Biosystems (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 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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