T2 Biosystems, Inc. (NASDAQ:TTOO) Sees Large Growth in Short Interest

T2 Biosystems, Inc. (NASDAQ:TTOO) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 834,800 shares, an increase of 47.4% from the October 15th total of 566,500 shares. Approximately 14.4% of the company’s stock are sold short. Based on an average daily trading volume, of 448,000 shares, the short-interest ratio is currently 1.9 days.

Institutional Investors Weigh In On T2 Biosystems

A hedge fund recently bought a new stake in T2 Biosystems stock. Armistice Capital LLC bought a new position in shares of T2 Biosystems, Inc. (NASDAQ:TTOO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,658,000 shares of the medical equipment provider’s stock, valued at approximately $8,854,000. Armistice Capital LLC owned 9.49% of T2 Biosystems at the end of the most recent reporting period. 23.18% of the stock is owned by institutional investors.

T2 Biosystems Price Performance

Shares of TTOO stock traded down $0.02 during trading hours on Friday, reaching $0.50. 1,030,601 shares of the stock were exchanged, compared to its average volume of 332,118. T2 Biosystems has a 12-month low of $0.44 and a 12-month high of $8.38. The company’s 50-day moving average price is $1.51 and its 200-day moving average price is $3.49.

Analyst Ratings Changes

Several analysts recently commented on TTOO shares. Canaccord Genuity Group lifted their price objective on T2 Biosystems from $3.00 to $5.00 and gave the stock a “hold” rating in a report on Tuesday, July 30th. StockNews.com upgraded T2 Biosystems to a “sell” rating in a research report on Tuesday, July 30th.

About T2 Biosystems

T2 Biosystems, Inc, an in vitro diagnostics company, develops and sells diagnostic products and product candidates in the United States and internationally. Its technology enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, cerebral spinal fluid, and urine.