Leerink Partners analyst Puneet Souda reiterated a Buy rating on T2 Biosystems (TTOO) on May 7 and set a price target of $3.00. The company’s shares closed last Thursday at $1.04, close to its 52-week low of $0.50.
According to TipRanks.com, Souda is a 4-star analyst with an average return of 12.1% and a 48.8% success rate. Souda covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, AbCellera Biologics, and Castle Biosciences.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for T2 Biosystems with a $2.83 average price target, a 154.4% upside from current levels. In a report issued on May 6, Canaccord Genuity also maintained a Buy rating on the stock with a $3.50 price target.
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Based on T2 Biosystems’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.96 million and GAAP net loss of $10.66 million. In comparison, last year the company earned revenue of $2.55 million and had a GAAP net loss of $14.95 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. 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.
