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Janney Upgrades T2 Biosystems to Buy

NEW YORK (GenomeWeb) – Janney Capital Markets today announced it has upgraded shares of T2 Biosystems to a Buy rating on the results of its first quarter financial update.

Analyst Paul Knight upgraded shares from a previous rating of Neutral and reiterated his target share price of $25 for the company's stock.

In a research note, Knight said that T2 Biosystems was one quarter ahead of expectations in signing customers and installing its T2DX instruments. He noted that the firm has already signed a US hospital and a European reference lab and that 25 target hospitals were completing return on investment analysis in the first quarter, putting the firm "in a favorable position to exceed our forecast placements in 2015."

In afternoon trading on the Nasdaq, T2 Biosystems shares were trading up almost 4 percent to $15.50.

Janney Capital Markets is a division of Janney Montgomery Scott, which served as co-manager of T2 Biosystems' $57.2 million initial public offering in August 2014.

In March investment bank Leerink also upgraded T2 Biosystem's shares to an Outperform rating.