T2 Biosystems (TTOO) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of T2 Biosystems (NASDAQ:TTOO) from a hold rating to a buy rating in a research report report published on Thursday. The brokerage currently has $7.00 price objective on the medical equipment provider’s stock.

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. “

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A number of other equities analysts have also recently issued reports on the company. Goldman Sachs initiated coverage on T2 Biosystems in a report on Monday, January 29th. They issued a neutral rating and a $5.20 target price for the company. HC Wainwright reissued a buy rating and issued a $8.00 target price on shares of T2 Biosystems in a report on Thursday, January 25th. Finally, ValuEngine raised T2 Biosystems from a strong sell rating to a sell rating in a report on Monday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $6.12.

Shares of TTOO opened at $6.49 on Thursday. T2 Biosystems has a 1 year low of $2.50 and a 1 year high of $7.26. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $233.77, a PE ratio of -3.09 and a beta of 1.49.

A number of hedge funds have recently added to or reduced their stakes in TTOO. Senvest Management LLC increased its holdings in T2 Biosystems by 17.6% during the 3rd quarter. Senvest Management LLC now owns 3,337,946 shares of the medical equipment provider’s stock valued at $14,019,000 after purchasing an additional 500,000 shares in the last quarter. Lagoda Investment Management L.P. increased its holdings in T2 Biosystems by 61.4% during the 3rd quarter. Lagoda Investment Management L.P. now owns 3,188,539 shares of the medical equipment provider’s stock valued at $13,392,000 after purchasing an additional 1,212,618 shares in the last quarter. Gagnon Securities LLC acquired a new stake in T2 Biosystems during the 3rd quarter valued at $396,000. Point72 Asset Management L.P. acquired a new stake in T2 Biosystems during the 3rd quarter valued at $630,000. Finally, Geode Capital Management LLC increased its holdings in T2 Biosystems by 41.9% during the 4th quarter. Geode Capital Management LLC now owns 134,470 shares of the medical equipment provider’s stock valued at $554,000 after purchasing an additional 39,722 shares in the last quarter. 52.32% of the stock is owned by hedge funds and other institutional investors.

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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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