T2 Biosystems Inc (TTOO) reported quarterly earnings results on Monday, Aug-1-2016. The company reported $-0.58 earnings per share for the quarter, missing the analyst consensus estimate by $-0.02. Analysts had a consensus of $-0.56. The company posted revenue of $.99 million in the period, compared to analysts expectations of $1.54 million. The company’s revenue was up 75.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.54 EPS.
Many Wall Street Analysts have commented on T2 Biosystems Inc. Company shares were Upgraded by WBB Securities on Jul 20, 2016 to ” Strong Buy”, Firm has raised the Price Target to $ 12 from a previous price target of $11 .WBB Securities Upgraded T2 Biosystems Inc on Jun 22, 2016 to ” Buy”, Price Target of the shares are set at $11.
T2 Biosystems Inc opened for trading at $5.61 and hit $5.83 on the upside on Friday, eventually ending the session at $5.66, with a gain of 1.25% or 0.07 points. The heightened volatility saw the trading volume jump to 88,152 shares. Company has a market cap of $137 M.
In a different news, on Jul 5, 2016, Rahul Dhanda (SVP of Corporate Development) sold 3,589 shares at $8.16 per share price. According to the SEC, on Dec 10, 2015, David B Elsbree (director) purchased 10,000 shares at $9.75 per share price. On Aug 11, 2015, Michael J. Cima (director) purchased 1,000 shares at $14.01 per share price, according to the Form-4 filing with the securities and exchange commission.
T2 Biosystems Inc. is an in vitro diagnostics company that has developed a technology platform offering an alternative to diagnostic methodologies. The Company’s T2 Magnetic Resonance platform (T2MR) enables detection of pathogens biomarkers and other abnormalities in a range of unpurified patient sample types including whole blood plasma serum saliva sputum and urine and can detect cellular targets at limits of detection as one colony forming unit per milliliter (CFU/mL). The Company’s initial development efforts target sepsis hemostasis and Lyme disease areas of significant unmet medical need. Its platform detects a range of targets including molecular targets such as deoxyribonucleic acid (DNA) immunodiagnostics such as proteins and a range of hemostasis measurements. The initial panels designed to run on T2Dx are T2Candida and T2Bacteria which are focused on identifying life-threatening pathogens associated with sepsis.