T2 Biosystems (NASDAQ:TTOO) stock is the top-trending ticker on social media, and its shares are up over 30% today after the Food and Drug Administration (FDA) allowed the company to start marketing its biothreat panel in America.
More About the FDA’s Decision and T2’s Biothreat Panel
Over the weekend, the FDA disclosed that it had determined that T2’s Biothreat Panel was “Substantially Equivalent” to an existing product that the agency has already approved. As a result of that ruling, the company can sell its biothreat panel in the U.S.
According to T2, its Biothreat Panel is able to detect the presence or absence “of biothreat pathogens” in people’s blood within three to five hours. Specifically, the panel determines whether people have the following diseases caused by biological weapons: “B. anthracis, F. tularensis, B. mallei , B. pseudomallei, Y. pestis, and R. prowazekii.”
Additional Information About T2
The company’s “Substantially Equivalent” product already approved by the FDA is the T2Bacteria Panel. This product is able to determine whether patients have “five clinically relevant bacterial pathogens” and also works within three to five hours. It also can do so directly from “a whole blood sample,” T2 reported. A number of the infections for which it tests are very difficult to treat, making quick identification and diagnosis of them imperative for the health of patients.
Founded in 2006, T2 generated $22.3 million in revenue last year and reported an operating loss of $55 million.
The Price Action of TTOO Stock
TTOO stock is down 32% in the last month and 75% this year, but it has surged 309% in the last three months.
InvestorPlace’s Thomas Yeung recently called TTOO stock an up-and-coming meme stock akin to Mullen Automotive (NASDAQ:MULN).
On the date of publication, Larry Ramer did not hold (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.
