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Summary
- T2 Biosystems’ coronavirus detection panel reportedly achieved an effectiveness of 99.99 per cent to spot the new mutant variants of the virus.
- The medical device manufacturer’s stock rocketed over 42 per cent on Friday morning.
- TTOO stocks have gained more than 178 this year, with a return on equity of 1221.64 per cent.
T2 Biosystems, Inc. (TTOO:US or NASDAQ: TTOO) stocks catapulted to new heights on Friday morning after announcing that its COVID-19 detector panel is spotting all currently known mutants of the virus. The panel reflected a 99.99 per cent efficacy on its testing methods based on silico analysis and sequence alignments.
The biosystem stock popped up more than 42 per cent on Friday (around 11 am ET) on the back of this promising panel effectiveness.
The company claims its T2SARS-CoV-2 Panel can detect the existing coronavirus variants such as B.1.1.7 (from United Kingdom) and B.1.351 (from South Africa). It delivers results within two hours by taking the respiratory swab sample.
The healthcare stock further reported that its panel should be able to detect Brazil variant, which has multiple mutations.
The company also creates panels to detect bacterial and fungal infections, which are powered by T2 magnetic resonance technology. It specializes in “species-specific” diagnosis. The company runs all these tests through its FDA-approved T2Dx® device.
Let us explore this medical diagnostic company’s market fundamentals and financial health:
T2 Biosystems, Inc. (TTOO:US or NASDAQ: TTOO)
The healthcare stock is currently trading at approximately US$ 3 per share and has a market cap of approximately US$ 454 million.
The small-cap stock has yielded over 251 per cent returns in a year.
It is up more than 178 per cent this year, with a massive return on equity of 1221.64 per cent.
Nearly 36.7 million shares had already exchanged hands by Friday morning, which led to its 10-day average volume to 19.5 million.
The US-based medical firm has almost 148 million outstanding shares listed on the NASDAQ exchange.
Image Source: Kalkine Group @2020
In the third quarter of 2020, ended on September 30, 2020, diagnostic device firm revenue was US$ 5.2 million, a rise of 213 per cent from Q3 2019.
The product revenue alone was US$ 3.8 million, a massive surge of 219 per cent year-over-year, boosted by the higher test panel and T2Dx® device sales.
