T2 Biosystems, Inc. (NASDAQ:TTOO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, July 5th.

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. “

A number of other equities analysts have also recently issued reports on TTOO. Cantor Fitzgerald set a $7.00 target price on T2 Biosystems and gave the stock a “buy” rating in a report on Wednesday, March 8th. BTIG Research raised T2 Biosystems from a “sell” rating to a “neutral” rating and set a $4.00 price target for the company in a report on Monday, May 8th. Finally, Morgan Stanley lowered T2 Biosystems from an “equal weight” rating to an “underweight” rating and set a $5.00 price target on the stock. in a research report on Tuesday, March 14th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $6.75.

Shares of T2 Biosystems (TTOO) traded up 1.15% during midday trading on Wednesday, reaching $2.65. 95,699 shares of the company traded hands. The company’s 50 day moving average is $3.46 and its 200-day moving average is $4.87. T2 Biosystems has a 12 month low of $2.50 and a 12 month high of $8.12. The stock’s market capitalization is $81.07 million.

T2 Biosystems (NASDAQ:TTOO) last issued its earnings results on Tuesday, May 2nd. The medical equipment provider reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by $0.01. The firm had revenue of $0.94 million during the quarter, compared to analyst estimates of $1.55 million. T2 Biosystems had a negative net margin of 1,425.02% and a negative return on equity of 161.43%. Equities research analysts forecast that T2 Biosystems will post ($1.89) earnings per share for the current fiscal year.

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In other T2 Biosystems news, Director David B. Elsbree acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was bought at an average price of $3.50 per share, with a total value of $35,000.00. Following the completion of the purchase, the director now owns 50,000 shares of the company’s stock, valued at $175,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased 20,000 shares of company stock valued at $70,330 in the last three months. 38.70% of the stock is owned by corporate insiders.

A hedge fund recently raised its stake in T2 Biosystems stock. Bank of New York Mellon Corp raised its position in shares of T2 Biosystems, Inc. (NASDAQ:TTOO) by 0.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 56,415 shares of the medical equipment provider’s stock after buying an additional 201 shares during the period. Bank of New York Mellon Corp owned about 0.18% of T2 Biosystems worth $297,000 at the end of the most recent quarter. 66.66% of the stock is currently owned by hedge funds and other institutional investors.

About T2 Biosystems

T2 Biosystems, Inc is an in vitro diagnostics company engaged in developing a technology platform offering an alternative to diagnostic methodologies. The Company’s T2 Magnetic Resonance platform (T2MR) enables detection of pathogens, biomarkers and other abnormalities in a range of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets at limits of detection as one colony forming unit per milliliter (CFU/mL).

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