T2 Biosystems Inc.’s stock fell 8.7% in premarket trades Friday as the developer of in vitro diagnostics products continued its pullback after ending Thursday’s 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
TTOO,
-2.17%
has been generating meme-like buzz recently, and its stock has surged 193% in the last month.
See Now: GameStop’s meme-stock saga will get Hollywood treatment in ‘Dumb Money’ movie 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’s second-quarter results Monday but maintained its neutral rating for the company. “T2 announced Q2 revenue inline with their preannounced figure, but operating loss was greater than we anticipated,” wrote Alliance Global Partners analyst Ben Haynor. “We continue to be believers in T2’s technology, but overriding nearterm capital needs keep us on the sidelines.” As of June 30, 2023, T2 had cash and cash equivalents of $16.1 million. The company raised $18.5 million in net proceeds through at-the-market sales in the second quarter and on July 6 converted $10 million, or approximately 20%, of its term loan into equity. See Now: Tupperware and Yellow have skyrocketed, but don’t confuse them with meme stocks All of the three analysts surveyed by FactSet have a hold rating for T2. T2 announced Wednesday that it received written notice from the Nasdaq on Aug. 8 that …
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TTOO,
-2.17%
has been generating meme-like buzz recently, and its stock has surged 193% in the last month.
See Now: GameStop’s meme-stock saga will get Hollywood treatment in ‘Dumb Money’ movie 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’s second-quarter results Monday but maintained its neutral rating for the company. “T2 announced Q2 revenue inline with their preannounced figure, but operating loss was greater than we anticipated,” wrote Alliance Global Partners analyst Ben Haynor. “We continue to be believers in T2’s technology, but overriding nearterm capital needs keep us on the sidelines.” As of June 30, 2023, T2 had cash and cash equivalents of $16.1 million. The company raised $18.5 million in net proceeds through at-the-market sales in the second quarter and on July 6 converted $10 million, or approximately 20%, of its term loan into equity. See Now: Tupperware and Yellow have skyrocketed, but don’t confuse them with meme stocks All of the three analysts surveyed by FactSet have a hold rating for T2. T2 announced Wednesday that it received written notice from the Nasdaq on Aug. 8 that …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]