Stock Alert: T2 Biosystems Stock Up 77% In Premarket

(RTTNews) - Shares of T2 Biosystems Inc. (TTOO) are soaring over 77% in pre-market today, after the company announced the launch of COVID-19 diagnostic test, and Q2 preliminary results.

The stock has been trading in the range of $0.23 - $3.21 for the past one year, and closed Tuesday's trade at $1.27, down 4 cents or 3.05%. TTOO is currently trading at $2.25, up 98 cents or 77.17% in the pre-market session.

The company, on June 30, announced the completion of validation of its COVID-19 molecular diagnostic test, the T2SARS-CoV-2 Panel. The test was developed by T2 Biosystems under a license agreement with the Center of Discovery and Innovation at Hackensack Meridian Health and is being commercially distributed after validation meeting requirements for an Emergency Use Authorization or EUA request to FDA.

"We are proud to announce the U.S. launch of our molecular diagnostic test, the T2SARS-CoV-2 Panel, which has demonstrated excellent clinical performance. Adding this test to our existing sepsis-related portfolio illustrates our commitment to transformative diagnostics that improve the lives of patients," said John Sperzel, President and Chief Executive Officer of T2 Biosystems.

The company also said it sees Q2 revenue in the range of $2.4 million - $2.6 million, compared to $1.8 million in the prior year period. Wall Street analysts estimate revenue of $2.45 million for the quarter.