{"id":47476,"date":"2023-08-12T02:01:42","date_gmt":"2023-08-12T06:01:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/t2-biosystemss-stock-falls-8-7-premarket-after-generating-meme-like-buzz\/"},"modified":"2023-08-12T02:01:46","modified_gmt":"2023-08-12T06:01:46","slug":"t2-biosystemss-stock-falls-8-7-premarket-after-generating-meme-like-buzz","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47476","title":{"rendered":"T2 Biosystems\u2019s stock falls 8.7% premarket after generating meme-like buzz"},"content":{"rendered":"
\n

T2 Biosystems Inc.\u2019s stock fell 8.7% in premarket trades Friday as the developer of in vitro diagnostics products continued its pullback after ending Thursday\u2019s session down 4.5% to snap a two-day winning streak. <\/p>\n

The stock fell on trading volume of 137.31 million shares, well above its 65-day average trading volume of 83.68 million shares. T2
\n TTOO,
\n +3.30%<\/bg-quote>
\n has been generating meme-like buzz recently, and its stock has surged 193% in the last month. <\/p>\n

\n

See Now:<\/strong> GameStop\u2019s meme-stock saga will get Hollywood treatment in \u2018Dumb Money\u2019 movie<\/p>\n

The company, which describes itself as a leader in the rapid detection of sepsis-causing pathogens and antibiotic-resistance genes, has a market cap of $114.25 million. On Tuesday Alliance Global Partners raised its T2 price target to 18 cents from 7 cents following the company\u2019s second-quarter results Monday but maintained its neutral rating for the company. \u201cT2 announced Q2 revenue inline with their preannounced figure, but operating loss was greater than we anticipated,\u201d wrote Alliance Global Partners analyst Ben Haynor. \u201cWe continue to be believers in T2\u2019s technology, but overriding nearterm capital needs keep us on the sidelines.\u201d <\/p>\n

As of June 30, 2023, T2 had cash and cash equivalents of $16.1 million. The company raised\u00a0$18.5 million\u00a0in\u00a0net proceeds through at-the-market sales in the second quarter and on\u00a0July 6 converted\u00a0$10 million, or approximately 20%, of its term loan into equity.<\/p>\n

See Now:<\/strong> Tupperware and Yellow have skyrocketed, but don\u2019t confuse them with meme stocks <\/p>\n

All of the three analysts surveyed by FactSet have a hold rating for T2.<\/p>\n

T2 announced Wednesday that\u00a0it received written notice from the Nasdaq on Aug. 8 that the company has regained compliance with the Nasdaq\u2019s Market Value of Listed Securities Requirements. On Nov. 22, 2022 T2 was notified by the Nasdaq that it was not in compliance with the\u00a0NASDAQ\u2019s Capital Market requirement because it failed to maintain\u00a0a MVLS of at least\u00a0$35 million\u00a0for a period of 30 consecutive business days.\u00a0To regain compliance with the rule, T2 was required to maintain an MVLS of at least\u00a0$35 million\u00a0for at least 10 consecutive trading days, which it met on Aug. 7.<\/p>\n

See Now:<\/strong> How one investor applied the lessons of the meme stocks frenzy to blockchain and NFTs <\/p>\n

The company\u2019s stock has fallen 77% in 2023, compared with the S&P 500 index\u2019s
\n SPX
\n gain of 16.4%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

T2 Biosystems Inc.\u2019s stock fell 8.7% in premarket trades Friday as the developer of in vitro diagnostics products continued its pullback after ending Thursday\u2019s session down 4.5% to snap a two-day winning streak. The stock fell on trading volume of 137.31 million shares, well above its 65-day average trading volume of 83.68 million shares. T2 […]<\/p>\n","protected":false},"author":1,"featured_media":47477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47476","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nT2 Biosystems\u2019s stock falls 8.7% premarket after generating meme-like buzz | iFintechWorld<\/title>\n<meta name=\"description\" content=\"T2 Biosystems Inc.\u2019s stock fell 8.7% in premarket trades Friday as the developer of in vitro diagnostics products continued its pullback after ending\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47476\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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