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T2 Biosystems Inc. (TTOO): Billionaire Julian Robertson’s Tiger Management Significantly Increases Its Stake

Billionaire Julian Robertson‘s Tiger Management recently filed a Form 13G with the Securities and Exchange Commission in which it reported increasing its stake in T2 Biosystems Inc. (NASDAQ:TTOO) to 1.26 million common shares, which account for 5.17% of the company’s outstanding stock. The stake was increased from 552,255 common shares, a position which Tiger Management disclosed in its latest 13F filing for the reporting period of March 31.

T2 Biosystems is a biotech company that works on creating innovative diagnostic products, and which was proclaimed the 34th-smartest company of 2016, according to MIT Technology’s annual review. Year-to-date, the company’s stock is down by 51.37%. For the first quarter of 2016, T2 Biosystems (NASDAQ:TTOO) reported a loss per share of $0.55, slightly missing estimates of a loss per share of $0.54. The company’s revenue came in at $1.1 million for the quarter, in-line with estimates. Recently, Cantor Fitzgerald reiterated its ‘Buy’ rating on the stock, while Janney Montgomery Scott reiterated its ‘Hold’ rating.

According to our hedge fund database, T2 Biosystems (NASDAQ:TTOO) has seen a decrease in the number of investors long the stock, as six funds reported such positions in the company as of the end of March, down from 11 a quarter earlier. The most valuable position was held by Dennis Purcell’s Aisling Capital, worth close to $27.9 million, while the second-largest position was reported by Richard Mashaal of RIMA Senvest Management, being valued at $12.9 million. Some other investors that held long positions included Steve Cohen’s Point72 Asset Management and Hal Mintz’s Sabby Capital.Julian Robertson

Among investors who dumped T2 Biosystems (NASDAQ:TTOO) in the first quarter were Israel Englander’s Millennium Management, which sold off its position worth close to $2.8 million in shares, while Wojciech Uzdelewicz’s Espalier Global Management dropped a position worth close to $0.3 million.

You can access the original SEC filing by clicking here.

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Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Tiger Partners Trading 0 1,256,638 0 1,256,638 1,256,638 5.17%
Tiger Partners 0 1,256,638 0 1,256,638 1,256,638 5.17%
Tiger Partners GP 0 1,256,638 0 1,256,638 1,256,638 5.17%
Tiger Management 0 1,256,638 0 1,256,638 1,256,638 5.17%
The Julian H. Robertson, Jr. Revocable Trust 0 1,256,638 0 1,256,638 1,256,638 5.17%
Julian H. Robertson, Jr 0 1,256,638 0 1,256,638 1,256,638 5.17%

Julian Robertson
Julian Robertson
Tiger Management

Page 1 of 12 – SEC Filing

Under the Securities Exchange Act of 1934
(Amendment No.)*
T2 Biosystems, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
(CUSIP Number)
June 29, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[_]  Rule 13d-1(b)
[X]  Rule 13d-1(c)
[_]  Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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