T2 Biosystems (NASDAQ:TTOO) stock is on the rise Tuesday following positive news concerning testing for the novel coronavirus.
Here’s everything that investors need to know about TTOO today.
- T2 Biosystems announced yesterday that its T2SARS-CoV-2 test is able to detect multiple strains of the coronavirus.
- That includes the newest strains of the virus that have shown up in the U.S., U.K., and South Africa.
- According to the company, this means that its test should be able to “detect 99.99% of all SARS-CoV-2 viruses.”
- T2 Biosystems’ coronavirus test also provides results in just two hours using an upper respiratory swab sample.
- Following this news, investors took an interest in TTOO stock, which has resulted in heavy trading of the shares.
- As of this writing, some 43 million shares have changed hands.
- That’s a massive spike from its daily average trading volume of 3.9 million shares.
- It makes sense that investors are still looking to benefit from stocks connected to the coronavirus.
- While there are several vaccines in the works to treat the virus, widespread availability is still an issue.
- That means it will be sometime before the coronavirus pandemic comes to an end.
John Sperzel, president and CEO of T2 Biosystems, said this about the news boosting TTOO stock up today.
“I’m proud that we can confidently say, after extensive analysis, that our T2SARS-CoV-2 Panel, which has demonstrated clinical sensitivity of 95 percent and specificity of 100 percent, can continue to help impact lives by detecting multiple variants of the SARS-CoV-2 virus.”
TTOO stock was up 22.5% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.