T2 Biosystems (NASDAQ:TTOO) Coverage Initiated at Cantor Fitzgerald
Cantor Fitzgerald assumed coverage on shares of T2 Biosystems (NASDAQ:TTOO) in a research report report published on Thursday, September 20th, Marketbeat.com reports. The brokerage issued a buy rating and a $11.00 target price on the medical equipment provider’s stock. Cantor Fitzgerald also issued estimates for T2 Biosystems’ FY2019 earnings at ($1.07) EPS.
“: We are initiating coverage of T2 Biosystems (TTOO) with an Overweight rating and a 12-month price target of $11. We think T2’s direct-from-whole-blood species-specific technology has the potential to change the standard of care for sepsis diagnostics. T2’s diagnostic panels for bacterial and fungal infections deliver a species-specific result in 3-5 hours, compared to 2-5 days for the current standard of care. We foresee favorable emergency department economics as a gateway for hospitals to adopt T2’s technology before a broader rollout to the ICU and sepsis testing more broadly.”,” Cantor Fitzgerald’s analyst wrote.
A number of other equities analysts also recently issued reports on the company. ValuEngine downgraded T2 Biosystems from a strong-buy rating to a buy rating in a research note on Thursday, June 21st. HC Wainwright restated a buy rating and issued a $14.00 price target on shares of T2 Biosystems in a research note on Thursday, June 14th. BidaskClub upgraded T2 Biosystems from a hold rating to a buy rating in a research note on Thursday, May 24th. Leerink Swann upgraded T2 Biosystems from a market perform rating to an outperform rating in a research note on Friday, June 1st. Finally, Zacks Investment Research raised T2 Biosystems from a sell rating to a hold rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. T2 Biosystems presently has a consensus rating of Hold and a consensus price target of $8.64.
T2 Biosystems (NASDAQ:TTOO) last issued its earnings results on Thursday, August 2nd. The medical equipment provider reported ($0.32) EPS for the quarter, meeting the consensus estimate of ($0.32). T2 Biosystems had a negative return on equity of 556.22% and a negative net margin of 637.62%. The business had revenue of $3.90 million for the quarter, compared to the consensus estimate of $2.97 million. During the same period last year, the business posted ($0.50) EPS. The company’s revenue was up 307.9% compared to the same quarter last year. On average, research analysts anticipate that T2 Biosystems will post -1.33 EPS for the current year.
In other T2 Biosystems news, insider Thomas J. Lowery sold 138,144 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $6.18, for a total transaction of $853,729.92. Following the sale, the insider now directly owns 57,873 shares of the company’s stock, valued at $357,655.14. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.50% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. ClariVest Asset Management LLC purchased a new position in shares of T2 Biosystems during the second quarter valued at about $1,010,000. Levin Capital Strategies L.P. purchased a new position in shares of T2 Biosystems during the second quarter valued at about $698,000. Ardsley Advisory Partners purchased a new position in shares of T2 Biosystems during the second quarter valued at about $5,844,000. Zacks Investment Management purchased a new position in shares of T2 Biosystems during the second quarter valued at about $124,000. Finally, MYDA Advisors LLC purchased a new position in shares of T2 Biosystems during the second quarter valued at about $157,000. 59.12% of the stock is currently owned by institutional investors and hedge funds.
T2 Biosystems Company Profile
T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States. 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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