Canaccord Genuity analyst Mark Massaro maintained a Buy rating on T2 Biosystems (TTOO) today and set a price target of $2.50. The company’s shares closed last Monday at $1.43, close to its 52-week low of $0.52.
Massaro said:
“We spoke with T2 CEO John McDonough this evening and we come away impressed with management’s perseverance and execution on its growth strategy (seemingly timing-related) despite recent execution challenges that have heavily weighed on the stock this year. We expect the stock to begin its rebound at the open tomorrow and look for additional updates on its 8:30am ET investor call tomorrow. We reiterate our BUY on shares of T2.”
According to TipRanks.com, Massaro is a top 100 analyst with an average return of 20.8% and a 62.6% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Castle Biosciences Inc.
Currently, the analyst consensus on T2 Biosystems is a Hold with an average price target 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.
