T2 Biosystems Inc (NASDAQ:TTOO) shares traded up 10.6% on Friday following a better than expected earnings announcement. The stock traded as high as $6.02 and last traded at $5.84. 903,100 shares were traded during trading, an increase of 62% from the average session volume of 558,494 shares. The stock had previously closed at $5.28.
The medical equipment provider reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.08. T2 Biosystems had a negative return on equity of 556.22% and a negative net margin of 637.62%. The firm had revenue of $2.50 million for the quarter, compared to the consensus estimate of $2.44 million. During the same period in the prior year, the firm earned ($0.45) EPS. The firm’s revenue was up 127.3% on a year-over-year basis.
Several equities analysts recently issued reports on the company. Cantor Fitzgerald set a $11.00 target price on T2 Biosystems and gave the company a “buy” rating in a research report on Friday. HC Wainwright set a $14.00 target price on T2 Biosystems and gave the company a “buy” rating in a research report on Friday. BidaskClub downgraded T2 Biosystems from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. ValuEngine downgraded T2 Biosystems from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. Finally, Zacks Investment Research raised T2 Biosystems from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.30.
In other T2 Biosystems news, insider Thomas J. Lowery sold 138,144 shares of the company’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $6.18, for a total value of $853,729.92. Following the sale, the insider now directly owns 57,873 shares of the company’s stock, valued at $357,655.14. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 31.50% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the business. Raymond James & Associates purchased a new stake in T2 Biosystems in the second quarter valued at $100,000. Staley Capital Advisers Inc. purchased a new stake in T2 Biosystems in the second quarter valued at $116,000. Creative Planning purchased a new stake in T2 Biosystems in the third quarter valued at $112,000. Zacks Investment Management purchased a new stake in T2 Biosystems in the second quarter valued at $124,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in T2 Biosystems in the second quarter valued at $127,000. 59.00% of the stock is currently owned by institutional investors.
The company has a quick ratio of 7.10, a current ratio of 7.31 and a debt-to-equity ratio of 1.22.
T2 Biosystems Company Profile (NASDAQ:TTOO)
T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States. 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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