Short Interest in T2 Biosystems, Inc. (NASDAQ:TTOO) Drops By 28.6%

T2 Biosystems, Inc. (NASDAQ:TTOO) was the target of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 624,900 shares, a drop of 28.6% from the November 30th total of 875,200 shares. Currently, 6.7% of the shares of the company are short sold. Based on an average trading volume of 782,300 shares, the days-to-cover ratio is presently 0.8 days.

T2 Biosystems Price Performance

Shares of TTOO remained flat at $0.43 during mid-day trading on Monday. 1,393,547 shares of the company’s stock were exchanged, compared to its average volume of 408,612. The business’s 50 day moving average price is $0.62 and its two-hundred day moving average price is $2.61. T2 Biosystems has a fifty-two week low of $0.31 and a fifty-two week high of $6.95.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on T2 Biosystems in a report on Saturday. They set a “sell” rating for the company.

Institutional Investors Weigh In On T2 Biosystems

A hedge fund recently bought a new stake in T2 Biosystems stock. Armistice Capital LLC acquired a new position in T2 Biosystems, Inc. (NASDAQ:TTOO) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,658,000 shares of the medical equipment provider’s stock, valued at approximately $8,854,000. Armistice Capital LLC owned 9.49% of T2 Biosystems as of its most recent SEC filing. 23.18% of the stock is owned by institutional investors.

About T2 Biosystems

T2 Biosystems, Inc, an in vitro diagnostics company, develops and sells 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.