T2 Biosystems (NASDAQ:TTOO) Price Target Cut to $3.00

T2 Biosystems (NASDAQ:TTOO) had its target price dropped by research analysts at Canaccord Genuity Group from $12.00 to $3.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would suggest a potential downside of 10.58% from the stock’s previous close.

T2 Biosystems Stock Up 14.1 %

NASDAQ TTOO opened at $3.36 on Monday. The stock has a 50-day moving average of $3.71 and a two-hundred day moving average of $4.47. T2 Biosystems has a 1-year low of $2.60 and a 1-year high of $70.00.

Institutional Trading of T2 Biosystems

A hedge fund recently bought a new stake in T2 Biosystems stock. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of T2 Biosystems, Inc. (NASDAQ:TTOO) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 127,234 shares of the medical equipment provider’s stock, valued at approximately $28,000. Patriot Financial Group Insurance Agency LLC owned about 3.81% of T2 Biosystems as of its most recent filing with the SEC. 23.18% of the stock is owned by institutional investors.

About T2 Biosystems

T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States and internationally. Its technology enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, cerebral spinal fluid, and urine.