T2 Biosystems (NASDAQ: TTOO) received a Buy rating and a $11 price target from Cantor Fitzgerald analyst Jordan Abrams today. The company’s shares closed yesterday at $6.13.
Abrams commented:
“: We are initiating coverage of T2 Biosystems (TTOO) with an Overweight rating and a 12-month price target of $11. 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.”
Currently, the analyst consensus on T2 Biosystems is a Moderate Buy with an average price target of $14.
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The company has a one-year high of $9.98 and a one-year low of $3.60. Currently, T2 Biosystems has an average volume of 634.5K.
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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.
