H.C. Wainwright Thinks T2 Biosystems’ Stock is Going to Recover

H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on T2 Biosystems (TTOO) on March 8 and set a price target of $11. The company’s shares closed on Friday at $2.62, close to its 52-week low of $2.47.

Selvaraju wrote:

“We have slightly lowered our 2019 revenue projection to $21M from $22M, and increased the estimates for overall operating expenses based on recent trends. Our current estimated market value of the firm has decreased to $557M from $675M. Assuming approximately 50M shares outstanding at the end of 1Q20, this translates to a per share value of approximately $11. Therefore, we reiterate our Buy rating, while reducing the 12-month price target to $11 from $14 per share.”

According to TipRanks.com, Selvaraju has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.6% and a 34.2% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for T2 Biosystems with a $12.50 average price target, a 377.1% upside from current levels. In a report issued on February 27, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $11 price target.

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The company has a one-year high of $9.98 and a one-year low of $2.47. Currently, T2 Biosystems has an average volume of 563.7K.

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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.