T2 Biosystems, Inc. (TTOO) Sees Large Growth in Short Interest
T2 Biosystems, Inc. (NASDAQ:TTOO) saw a significant increase in short interest in July. As of July 31st, there was short interest totalling 1,304,854 shares, an increase of 23.4% from the July 14th total of 1,057,432 shares. Currently, 7.6% of the shares of the company are sold short. Based on an average daily volume of 290,949 shares, the days-to-cover ratio is presently 4.5 days.
In other T2 Biosystems news, Director David B. Elsbree purchased 10,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $175,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders bought 20,000 shares of company stock valued at $70,330. Company insiders own 38.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in TTOO. Goldman Sachs Group Inc. boosted its stake in T2 Biosystems by 0.4% in the second quarter. Goldman Sachs Group Inc. now owns 4,270,632 shares of the medical equipment provider’s stock valued at $13,709,000 after buying an additional 18,000 shares during the period. Senvest Management LLC boosted its stake in T2 Biosystems by 15.2% in the second quarter. Senvest Management LLC now owns 2,837,946 shares of the medical equipment provider’s stock valued at $9,110,000 after buying an additional 373,876 shares during the period. Lagoda Investment Management L.P. boosted its stake in T2 Biosystems by 15.4% in the second quarter. Lagoda Investment Management L.P. now owns 1,975,921 shares of the medical equipment provider’s stock valued at $6,343,000 after buying an additional 264,337 shares during the period. Essex Investment Management Co. LLC boosted its stake in T2 Biosystems by 221.8% in the second quarter. Essex Investment Management Co. LLC now owns 208,190 shares of the medical equipment provider’s stock valued at $668,000 after buying an additional 143,495 shares during the period. Finally, Susquehanna International Group LLP boosted its stake in T2 Biosystems by 931.3% in the second quarter. Susquehanna International Group LLP now owns 85,620 shares of the medical equipment provider’s stock valued at $275,000 after buying an additional 95,920 shares during the period. 66.70% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on TTOO shares. Cantor Fitzgerald decreased their price target on T2 Biosystems from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, May 3rd. Zacks Investment Research raised T2 Biosystems from a “sell” rating to a “hold” rating in a research note on Saturday, May 6th. Finally, 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 research note on Monday, May 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. T2 Biosystems currently has an average rating of “Hold” and a consensus target price of $6.75.
T2 Biosystems (TTOO) opened at 4.14 on Wednesday. The company’s market cap is $127.36 million. T2 Biosystems has a 1-year low of $2.50 and a 1-year high of $8.04. The stock has a 50 day moving average price of $2.96 and a 200 day moving average price of $4.31.
T2 Biosystems (NASDAQ:TTOO) last issued its quarterly earnings data on Thursday, August 3rd. The medical equipment provider reported ($0.50) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by $0.01. T2 Biosystems had a negative net margin of 1,473.71% and a negative return on equity of 178.83%. The business had revenue of $0.96 million during the quarter, compared to the consensus estimate of $0.79 million. Equities analysts forecast that T2 Biosystems will post ($1.93) earnings per share for the current year.
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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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