On Jan. 11, T2 Biosystems stock rose by 10.3 percent, while the S&P 500 fell by 0.7 percent. The stock was up $0.15 from its previous closing price of $1.45 on a volume of 17,387,365 shares. Over the past year, the S&P 500 has risen by 15.7 percent, while T2 Biosystems stock has gained 35.6 percent. Is T2 Biosystems or TTOO stock a buy or sell at this price?
On Jan. 11, T2 Biosystems stock surged significantly after the company announced that its T2SARS-CoV-2 test is able to detect multiple strains of the COVID-19 virus. The test can detect the recent strains of the virus that were identified in the U.K., South Africa, and the U.S. T2 Biosystems provides COVID-19 test results in less than two hours using an upper respiratory swab sample.
T2 Biosystems or TTOO on Stocktwits
T2 Biosystems stock has become a major talking point on social media platforms. An investor named YTtradingtechnical on Stocktwits said that TTOO stock faces strong weekly resistance at $2.40 and support at $1.90. The investor bought the stock at $1.93. If the stock breaks $2.40 levels, it can reach $3. Another user with the name StackingKrabbyPatties thinks that the stock will reach closer to $1.50 over the next month.
TTOO doesn’t pay dividends
Currently, T2 Biosystems doesn’t pay dividends.
On Jan. 11, T2 Biosystems stock rose by 10.3 percent and closed at $1.60. At that closing price, the market capitalization was $236.7 million. T2 Biosystems stock trades at an EV-to-sales multiple of 16.30x.
T2 Biosystems' stock forecast
T2 Biosystems stock has risen by 13.5 percent in the last five days and by 35.6 percent in the last year. The stock is trading 30.7 percent below its 52-week high of $2.31 and 580.9 percent above its 52-week low of $0.235.
According to estimates compiled by CNN, analysts' median target price is $3.50 for T2 Biosystems, which is 120.1 percent above its current stock price. All of the five analysts tracking T2 Biosystems stock recommend a buy. The highest target price of $4 is 151.6 percent above the stock's current price, while the lowest target price of $2.50 is 57.2 percent above the stock's current price.
TTOO stock is a buy amid strong growth outlook
TTOO stock is worth buying based on the strong growth outlook. Although many vaccines are being developed to treat COVID-19, widespread availability is still a concern. T2 Biosystems will likely benefit because the COVID-19 pandemic won't end in the near future.