Zacks Investment Research Downgrades T2 Biosystems (NASDAQ:TTOO) to Hold

Zacks Investment Research cut shares of T2 Biosystems (NASDAQ:TTOO) from a buy rating to a hold rating in a research note released on Tuesday, 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. “

NASDAQ TTOO opened at $1.07 on Tuesday. The company has a market cap of $177.46 million, a PE ratio of -3.57 and a beta of 0.28. T2 Biosystems has a 52 week low of $0.85 and a 52 week high of $3.79. The company has a quick ratio of 6.32, a current ratio of 6.83 and a debt-to-equity ratio of 5.16. The firm’s 50-day simple moving average is $1.01 and its two-hundred day simple moving average is $1.27.

T2 Biosystems (NASDAQ:TTOO) last announced its quarterly earnings results on Thursday, August 5th. The medical equipment provider reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). T2 Biosystems had a negative net margin of 166.02% and a negative return on equity of 510.02%. The firm had revenue of $6.69 million for the quarter, compared to the consensus estimate of $5.97 million. As a group, equities research analysts anticipate that T2 Biosystems will post -0.3 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd bought a new position in shares of T2 Biosystems in the second quarter worth approximately $25,000. Creative Planning lifted its stake in T2 Biosystems by 60.8% in the second quarter. Creative Planning now owns 38,964 shares of the medical equipment provider’s stock worth $46,000 after acquiring an additional 14,730 shares during the period. Avantax Planning Partners Inc. purchased a new position in T2 Biosystems during the first quarter valued at $65,000. Cubist Systematic Strategies LLC purchased a new position in T2 Biosystems during the first quarter valued at $99,000. Finally, Levin Capital Strategies L.P. raised its position in shares of T2 Biosystems by 70.1% in the 2nd quarter. Levin Capital Strategies L.P. now owns 133,451 shares of the medical equipment provider’s stock worth $159,000 after purchasing an additional 55,000 shares during the last quarter. Institutional investors own 16.83% of the company’s stock.

About T2 Biosystems

T2 Biosystems, Inc engages in the development of proprietary technology platform. It offers the T2 Magnetic Resonance technology, which enables detection of pathogens, biomarkers, and other abnormalities in a range of unpurified patient sample types. The firm’s products include the T2Dx Instrument, the T2Candida Panel, the T2Bacteria Panel, the T2Resistance Panel, and the T2SARS-CoV-2 Panel.

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