T2 Biosystems Inc.’s stock (TTOO) experienced a 4.1% decline in premarket trades on Friday. The developer of in vitro diagnostics products is facing a pullback, following a 4.5% drop in Thursday’s session that ended its two-day winning streak.
Increased Trading Volume
The stock fell on a significant trading volume of 137.31 million shares, which is well above its 65-day average trading volume of 83.68 million shares.
Impressive Month-long Surge
Despite the recent downturn, T2 Biosystems has gained significant attention lately, even leading to a surge of 193% in the past month. The company prides itself on being a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes.
Market Cap and Price Target
T2 Biosystems currently holds a market cap of $114.25 million. On Tuesday, Alliance Global Partners revised its price target for T2 Biosystems to 18 cents from 7 cents after the company released its second-quarter results on Monday. However, they maintained their neutral rating for the company.
Analyst Perspective
In a note to clients, analyst Ben Haynor from Alliance Global Partners acknowledged T2 Biosystems’ Q2 revenue aligning with the preannounced figure. However, he also highlighted that the operating loss was larger than anticipated. Despite being believers in T2’s promising technology, near-term capital needs have led the analysts to remain cautious.
Overall Rating
According to FactSet, all three analysts surveyed have a hold rating for T2 Biosystems.
