UPDATE: Alliance Global Partners Downgrades T2 Biosystems (TTOO) to Neutral
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(Updated - January 27, 2021 8:44 AM EST)
Alliance Global Partners analyst Ben Haynor downgraded T2 Biosystems (NASDAQ: TTOO) from Buy to Neutral with a $2.40 price target.
The analyst comments "The company announced preliminary unaudited Q4 revenue of $7.8 million, including $5.8 million in product revenue. For full year 2020, revenue came in at $18.1 million, below management's $19.0-$20.0 million guidance for the year. For Q4, we had modeled total revenue of $9.3 million including $7.8 million in product revenue. Our model was informed by management's guidance on the company's Q3 conference call where they raised the bottom end of their 2020 revenue guidance range by $1.0 million. However, the increase was driven by a revised expectation of research contribution revenue of $6.0 million, up from their prior guide of $5.0-$6.0 million. We would highlight T2's research contribution revenue came in at $6.5 million for the year, above our $6.0 million estimate."
Shares of Take-Two Interactive closed at $199.78 yesterday.
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