T2 Biosystems (TTOO) Stock: Why It Surged 30.58%

By Amit Chowdhry ● Aug 11, 2022
  • The stock price of T2 Biosystems (TTOO) surged by 30.58% in the previous trading session. This is why.

The stock price of T2 Biosystems (TTOO) surged by 30.58% in the previous trading session. This is a continuation of momentum as the stock price increased by 26.4% this past week and it increased over 40% pre-market today.

Investors have been responding positively to T2 Biosystems recently announcing plans to explore the potential to develop a rapid molecular diagnostic test for detection of the monkeypox virus, including technical and commercial feasibility. 

Monkeypox is known as a rare disease caused by infection with the monkeypox virus that is part of the orthopoxvirus family of viruses, which also contains smallpox. And the main symptom of monkeypox is a rash, but individuals may also present with flu-like symptoms. A rapid and accurate diagnosis of monkeypox is essential to expedite treatment and limit the exposure and spread of the disease.

T2 Biosystems chairman and CEO John Sperzel said that the company’s team has demonstrated the scientific expertise to develop new tests on their proprietary platform, including direct-from-blood and swab tests. And they believe that the development of a molecular diagnostic test for the monkeypox virus is possible on the platform

“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,” added Sperzel.