Canaccord Genuity Thinks T2 Biosystems’ Stock is Going to Recover


Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on T2 Biosystems (TTOO) today and set a price target of $2.50. The company’s shares opened today at $0.93, close to its 52-week low of $0.52.

Massaro said:

“We view this development as an unexpected victory that sort of came out of left field (as management had not indicated plans to pursue this add- on payment). We reiterate our BUY rating on shares of T2 and $2.50 PT. While management has indicated that pricing (cost) of their panels has historically not been a meaningful barrier to driving adoption, we think that anything sold into a hospital is scrutinized from a cost and ROI perspective, even if it is clear that the technology has clinical utility for the patient.”

According to TipRanks.com, Massaro is a top 100 analyst with an average return of 19.9% and a 61.3% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.

T2 Biosystems has an analyst consensus of Hold, with a price target consensus of $1.45.

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Based on T2 Biosystems’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $15.65 million. In comparison, last year the company had a GAAP net loss of $12.32 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. It products include T2Bacteria Panel, T2Candida Panel, T2Dx Instrument, AND T2MR Technology.

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