Canaccord Genuity analyst Mark Massaro maintained a Buy rating on T2 Biosystems (TTOO) today and set a price target of $6. The company’s shares closed yesterday at $3.14, close to its 52-week low of $2.94.
Massaro wrote:
“We lower PT to $6, maintain BUY T2 delivered a Q4 revenue miss and issued a soft Q1/19 guide, which we think will lead to weakness in the stock at the open. Our concern is the ongoing limited pull- through in candida utilization, and T2 doesn’t expect to see much lift in consumable pull-through in Q1. That said, the report wasn’t all bad – T2 delivered strong placements (14 instruments); strong proposals (24 proposals); shortened its selling cycle (now ~1-3 months, vs. 6-12 months) and reiterated its view to double revenue in 2019. We lower our candida and bacteria pull-through assumptions, which lowers our revenue estimates in the out years. We think T2 stock will bounce back, just not to the same level we were previously thinking. We reiterate our BUY rating and lower our PT to $6 (from $10). Q4 miss.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 15.7% and a 57.0% success rate. Massaro covers the Healthcare sector, focusing on stocks such as Meridian Bioscience Inc, Quanterix Corporation, and Orasure Technologies.
T2 Biosystems has an analyst consensus of Strong Buy, with a price target consensus of $10.33, implying a 229.0% 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.
See today’s analyst top recommended stocks >>
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.
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.
