BTIG upgraded T2 Biosystems (NASDAQ:TTOO) to “neutral” from “sell,” saying the shares have fallen below a prior $4 price target. The stock closed at $3.98 on May 5.
“While there is no change to our thesis on T2Candida and we have some reservations about T2Bacteria, we think the panel’s upcoming launch could serve as a positive catalyst for shares,” writes analyst Karen Koski.
She said the company expects to complete the FDA clinical trial for T2Bacteria and file with the Agency by mid-2017. CE Mark and a subsequent launch of the panel in the EU should also occur in the second half this year, she added.
T2 also remains on track to complete preclinical studies for T2Lyme in 2017 and the development of a gram-negative resistance panel is underway.