T2 Biosystems (NASDAQ:TTOO) Rating Lowered to Sell at Zacks Investment Research

T2 Biosystems (NASDAQ:TTOO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

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 brokerages have also weighed in on TTOO. Alliance Global Partners decreased their price objective on T2 Biosystems from $2.40 to $1.65 and set a “neutral” rating on the stock in a report on Friday, March 5th. SVB Leerink decreased their price objective on T2 Biosystems from $4.00 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, January 27th. Canaccord Genuity restated a “buy” rating and issued a $3.50 price objective on shares of T2 Biosystems in a report on Tuesday, January 26th. Finally, Jonestrading restated a “buy” rating and issued a $3.50 price objective on shares of T2 Biosystems in a report on Wednesday, January 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $2.83.

Shares of NASDAQ TTOO opened at $1.05 on Thursday. The stock has a market capitalization of $155.92 million, a price-to-earnings ratio of -1.52 and a beta of 0.72. T2 Biosystems has a 12 month low of $0.53 and a 12 month high of $3.79. The firm’s 50 day simple moving average is $1.40 and its 200-day simple moving average is $1.64. The company has a debt-to-equity ratio of 2.54, a current ratio of 4.97 and a quick ratio of 4.63.

T2 Biosystems (NASDAQ:TTOO) last announced its earnings results on Thursday, May 6th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). Analysts anticipate that T2 Biosystems will post -0.38 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of TTOO. BlackRock Inc. increased its position in shares of T2 Biosystems by 36.3% during the 1st quarter. BlackRock Inc. now owns 3,005,325 shares of the medical equipment provider’s stock worth $4,868,000 after purchasing an additional 800,971 shares during the last quarter. Renaissance Technologies LLC acquired a new position in T2 Biosystems in the 1st quarter valued at about $1,098,000. Principal Financial Group Inc. acquired a new position in T2 Biosystems in the 4th quarter valued at about $686,000. Geode Capital Management LLC grew its position in T2 Biosystems by 35.4% in the 1st quarter. Geode Capital Management LLC now owns 1,298,856 shares of the medical equipment provider’s stock valued at $2,104,000 after acquiring an additional 339,748 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in T2 Biosystems in the 1st quarter valued at about $282,000. 12.30% of the stock is owned by hedge funds and other institutional investors.

T2 Biosystems Company Profile

T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States and internationally. It provides T2 Magnetic Resonance technology that 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.

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