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.
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% |
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Page 1 of 12 – SEC Filing
| T2 Biosystems, Inc. |
| (Name of Issuer) |
| Common Stock, $0.001 par value |
| (Title of Class of Securities) |
| 89853L104 |
| (CUSIP Number) |
| June 29, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
