In a report issued on November 4, Mark Massaro from Canaccord Genuity maintained a Buy rating on T2 Biosystems (TTOO), with a price target of $10. The company’s shares closed yesterday at $5.14.
Massaro wrote:
“We are encouraged that T2 is delivering on its promise of rising customer demand post-FDA approval of T2Bacteria, evidenced by rising T2Dx instrument placements and an ongoing number of double-digit customer proposals. T2 is making good progress with collaboration partners, including for its T2Lyme test with Canon and gram negative resistance panel with Allergan, and CARB- X. We think T2 is early in improving health outcomes, lowering system costs, and saving patients’ lives. We reiterate our BUY rating and $10 PT.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 16.5% and a 59.0% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Quanterix Corporation, and Orasure Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for T2 Biosystems with a $12.50 average price target, a 143.2% upside from current levels. In a report issued on November 2, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $11 price target.
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Based on T2 Biosystems’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $10.77 million. In comparison, last year the company had a GAAP net loss of $14.08 million.
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T2 Biosystems, Inc. engages in the development of proprietary technology platform. It offers the T2 Magnetic Resonance technology which 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 at limits of detection including one colony forming unit per milliliter. The company was founded by Michael J. Cima, Robert S. Langer Jr., Tyler Jacks, Lee Josephson, W. David Lee, and Ralph Weissleder on April 27, 2006 and is headquartered in Lexington, MA.
