T2 Biosystems (NASDAQ:TTOO) stock is getting a boost on Wednesday after announcing plans to investigate monkeypox tests.
According to a press release from the in vitro diagnostics company, it’s weighing the viability of developing a rapid molecular diagnostic test for the monkeypox virus. The company intends to determine both the technical and commercial feasibility of creating such a test.
T2 Biosystems’ interest in a monkeypox test comes after several agencies have declared it a danger. That includes the World Health Organization naming it a Public Health Emergency of International Concern in July. The United States declared monkeypox a public health emergency earlier this month.
John Sperzel, chairman and CEO of T2 Biosystems, said the following in the news release.
“Given the urgent nature of the monkeypox virus, and the potential for global transmission, we have communicated with the FDA and CDC and we are exploring the potential to develop and commercialize a test for the monkeypox virus.”
TTOO stock is seeing heavy trading on Wednesday after announcing its monkeypox test plans. As a result, some 110 million shares of the company’s stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 15 million shares.
TTOO stock is up 17.2% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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