Cantor Fitzgerald analyst Jordan Abrams reiterated a Buy rating on T2 Biosystems (TTOO) today and set a price target of $11. The company’s shares opened today at $4.29.
Abrams noted:
“We think T2’s direct-from-whole-blood species-specific technology has the potential to change the standard of care for sepsis diagnostics. T2’s diagnostic panels for bacterial and fungal infections deliver a species-specific result in 3-5 hours, compared to 2-5 days for the current standard of care. We foresee favorable emergency department economics as a gateway for hospitals to adopt T2’s technology before a broader rollout to the ICU and sepsis testing more broadly. In the near term, we expect the shares to trade close to quarterly fluctuations in product revenue, which we think will demonstrate progress in T2Bacteria adoption.”
According to TipRanks.com, Abrams is ranked #1950 out of 5233 analysts.
T2 Biosystems has an analyst consensus of Strong Buy, with a price target consensus of $11.67, a 172.0% upside from current levels. In a report issued on February 27, Canaccord Genuity also maintained a Buy rating on the stock with a $10 price target.
See today’s analyst top recommended stocks >>
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 $18.19 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
