T2 Biosystems (NASDAQ:TTOO) Shares Down 27.8%

Shares of T2 Biosystems Inc (NASDAQ:TTOO) fell 27.8% during mid-day trading on Tuesday . The stock traded as low as $1.84 and last traded at $1.95, 2,083,700 shares traded hands during mid-day trading. An increase of 88% from the average session volume of 1,109,709 shares. The stock had previously closed at $2.70.

Several brokerages recently issued reports on TTOO. HC Wainwright restated a “hold” rating on shares of T2 Biosystems in a report on Wednesday, August 7th. Cantor Fitzgerald cut shares of T2 Biosystems from an “overweight” rating to a “neutral” rating in a report on Wednesday, July 31st. Canaccord Genuity set a $3.50 target price on shares of T2 Biosystems and gave the stock a “buy” rating in a report on Monday, October 21st. Zacks Investment Research upgraded shares of T2 Biosystems from a “sell” rating to a “hold” rating in a report on Friday, October 25th. Finally, Leerink Swann set a $5.00 target price on shares of T2 Biosystems and gave the stock a “buy” rating in a report on Thursday, September 12th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.18.

The firm has a market capitalization of $118.46 million, a P/E ratio of -1.55 and a beta of 1.23. The company’s 50-day simple moving average is $2.56 and its two-hundred day simple moving average is $1.97.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC bought a new position in T2 Biosystems in the third quarter worth approximately $830,000. Ironwood Financial llc raised its position in T2 Biosystems by 202.8% in the third quarter. Ironwood Financial llc now owns 18,268 shares of the medical equipment provider’s stock worth $46,000 after acquiring an additional 12,234 shares during the period. Macquarie Group Ltd. bought a new stake in shares of T2 Biosystems during the 2nd quarter valued at $27,000. JPMorgan Chase & Co. raised its position in shares of T2 Biosystems by 7,546.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 732,400 shares of the medical equipment provider’s stock valued at $1,150,000 after purchasing an additional 722,822 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of T2 Biosystems during the 2nd quarter valued at $316,000. Institutional investors and hedge funds own 39.05% of the company’s stock.

T2 Biosystems Company Profile (NASDAQ:TTOO)

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 platform that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, and urine.

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