An interesting stock that came up in some of our conversations today is T2 Biosystems, Inc. (NASDAQ:TTOO). At current price of $2.95, the shares have already added 0.34 points (13.03% higher) from its previous close of $2.61. Should you buy or avoid them? The stock sets an active trading volume day with a reported 4564747 contracts so far this session. TTOO shares had a relatively better volume day versus average trading capacity of 1.71 million shares, but with a 37.52 million float and a 83.8% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TTOO stock indicates that the average analyst price target is $5.84 per share. This means the stock has a potential increase of 97.97% from where the TTOO share price has been trading recently which is between $1.72 and $2.69.
The shorts are climbing into T2 Biosystems, Inc. (TTOO) stock. The latest set of short interest data was released on 15 August 2019, and the numbers show a rise in short interest in TTOO shares. While short interest still represents only 17.24% of TTOO’s float, the number of shares shorted have risen by 1095507. The number of shares shorted advanced to 6465788 shares, up from 5370281 shares during the preceding fortnight. With average daily trading volumes at 3652175 shares, days to cover decreased to about 3.857891 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Shares of T2 Biosystems rise on federal contract for diagnostic tests” and dated September 11, 2019.
During the recent trading session for T2 Biosystems, Inc. (NASDAQ:TTOO), the company witnessed their stock rise $1.57 over a week and surge $2.18 from the price 20 days ago. When compared to their established 52-week high of $7.7, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/28/18. The recent low of $0.52 stood for a -61.69% since 01/08/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.07 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for T2 Biosystems, Inc., the two-week RSI stands at 81.42. This figure suggests that TTOO stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current TTOO readings is similarly very revealing as it has a stochastic reading of 92.92% at this stage. This figure means that TTOO share price today is being oversold.
Technical chart claims that T2 Biosystems, Inc. (TTOO) would settle between $2.96/share to $3.31/share level. However, if the stock price goes below the $1.99 mark, then the market for T2 Biosystems, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $1.37 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.61. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Alliance Global Partners lowered their recommendation on shares of TTOO from Buy to Neutral in their opinion released on August 01. Janney analysts have lowered their rating of T2 Biosystems, Inc. (NASDAQ:TTOO) stock from Buy to Neutral in a separate flash note issued to investors on July 31. Analysts at H.C. Wainwright lowered the stock to a Neutral call from its previous Buy recommendation, in a research note that dated back to July 31.
TTOO equity has an average rating of 2.6, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated T2 Biosystems, Inc. (NASDAQ:TTOO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, TTOO stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is NA while for the average stock in the same group, the multiple is 9.33. T2 Biosystems, Inc. current P/B ratio of NA means it is trading at a premium against its industry’s 3.81.
T2 Biosystems, Inc. (TTOO)’s current-quarter revenues are projected to climb by nearly -9.07% to hit $2.25 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -5.66% from $10.5 million to a noteworthy $9.91 million. At the other end of the current quarter income statement, T2 Biosystems, Inc. is expected to see its adjusted earnings surge by roughly -24% to hit $-0.31 per share. For the fiscal year, TTOO’s earnings are projected to climb by roughly 4.76% to hit $-1.2 per share.