T2 Biosystems (TTOO) Shares Up 5.9%

T2 Biosystems Inc (NASDAQ:TTOO)’s share price shot up 5.9% on Wednesday . The stock traded as high as $2.80 and last traded at $2.71. 1,916,168 shares changed hands during mid-day trading, an increase of 178% from the average session volume of 689,448 shares. The stock had previously closed at $2.56.

Several research firms have recently weighed in on TTOO. HC Wainwright restated a “buy” rating and issued a $11.00 target price (down previously from $14.00) on shares of T2 Biosystems in a research report on Friday, March 8th. Cantor Fitzgerald set a $11.00 target price on T2 Biosystems and gave the company a “buy” rating in a research report on Tuesday, March 5th. ValuEngine downgraded T2 Biosystems from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Goldman Sachs Group set a $5.00 target price on T2 Biosystems and gave the company a “hold” rating in a research report on Friday, November 30th. Finally, Zacks Investment Research downgraded T2 Biosystems from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. T2 Biosystems currently has a consensus rating of “Hold” and an average price target of $8.55.

The stock has a market capitalization of $120.11 million, a P/E ratio of -2.15 and a beta of 1.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.08 and a quick ratio of 1.03.

T2 Biosystems (NASDAQ:TTOO) last announced its quarterly earnings data on Thursday, March 7th. The medical equipment provider reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.04). T2 Biosystems had a negative return on equity of 358.67% and a negative net margin of 487.17%. The company had revenue of $1.79 million for the quarter, compared to analysts’ expectations of $2.52 million. As a group, analysts expect that T2 Biosystems Inc will post -1.03 earnings per share for the current fiscal year.

In related news, CEO John Mcdonough sold 8,134 shares of T2 Biosystems stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $3.36, for a total transaction of $27,330.24. Following the transaction, the chief executive officer now owns 456,354 shares in the company, valued at $1,533,349.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders have sold 34,587 shares of company stock worth $117,854. 31.50% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in T2 Biosystems by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 375,582 shares of the medical equipment provider’s stock worth $1,130,000 after buying an additional 13,552 shares in the last quarter. Bell & Brown Wealth Advisors LLC purchased a new position in T2 Biosystems during the fourth quarter worth approximately $38,000. Pathlight Investors LLC purchased a new position in T2 Biosystems during the fourth quarter worth approximately $117,000. Jane Street Group LLC purchased a new position in T2 Biosystems during the fourth quarter worth approximately $67,000. Finally, Squarepoint Ops LLC lifted its position in T2 Biosystems by 48.7% during the fourth quarter. Squarepoint Ops LLC now owns 53,964 shares of the medical equipment provider’s stock worth $162,000 after buying an additional 17,664 shares in the last quarter. Hedge funds and other institutional investors own 49.93% of the company’s stock.

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About T2 Biosystems (NASDAQ:TTOO)

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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