In a report released today, Jordan Abrams from Cantor Fitzgerald reiterated a Buy rating on T2 Biosystems (TTOO), with a price target of $10. The company’s shares closed yesterday at $3.14, close to its 52-week low of $2.94.
Abrams wrote:
“. We reiterate our Overweight rating on shares of TTOO and are lowering our 12-month PT to $10, from $11. T2 reported 4Q18 revenue of $1.8MM (+8%), $0.9MM below FactSet consensus. However, during the quarter, T2 placed 14 T2Dx instruments, at the high end of its guidance for 4Q, totaling 25 in 2H18. T2 Provided instrument placement guidance of 70-80 T2Dx systems in 2019, significantly more placements than we were expecting (39 in 2018). Top line 2019 guidance of ~$21MM came in $0.8MM below FactSet consensus. We think a revenue guidance miss and strong expectations for instrument placements is telling on the disconnect in perspective on T2.”
According to TipRanks.com, Abrams is ranked #3788 out of 5220 analysts.
T2 Biosystems has an analyst consensus of Strong Buy, with a price target consensus of $10, representing a 218.5% upside. In a report issued on February 28, H.C. Wainwright also reiterated a Buy rating on the stock with a $14 price target.
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Based on T2 Biosystems’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $15.15 million. In comparison, last year the company had a GAAP net loss of $18.19 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.
