What's Going On With T2 Biosystems Shares Today?
Portfolio Pulse from Adam Eckert
T2 Biosystems Inc (NASDAQ:TTOO) shares are trading higher after the FDA granted Breakthrough Device designation for the company's Candida auris direct-from-blood molecular diagnostic test. The company plans to add the test to its FDA-cleared T2Dx instrument, which will expand its capabilities. This is T2's third product to receive FDA Breakthrough Device designation.
July 20, 2023 | 1:59 pm
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POSITIVE IMPACT
T2 Biosystems' stock is trading higher after the FDA granted Breakthrough Device designation for its Candida auris diagnostic test. This is likely to increase the attractiveness of the company's products to U.S. hospitals.
The FDA's Breakthrough Device designation is a significant positive development for T2 Biosystems. It not only validates the company's technology but also potentially accelerates its path to FDA clearance. This could lead to increased adoption of its products by U.S. hospitals, thereby boosting its revenues and profitability in the future. As a result, the company's stock price is likely to be positively impacted in the short term.
CONFIDENCE 90
IMPORTANCE 80
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