T2 Biosystems Stock Continues To Fall After-Hours: Here's Why
Portfolio Pulse from Ryan Gustafson
T2 Biosystems, Inc. (NASDAQ:TTOO) shares fell in after-hours trading following the company's announcement of preliminary Q3 results. The company reported a 60% decrease in total revenue compared to the same period last year, mainly due to a $1.0 million decline in BARDA revenue. The company also announced FDA 510(k) clearance for the T2Biothreat Panel and 510(k) submission for Acinetobacter baumannii detection. The stock price drop follows a 43.9% decrease during regular trading due to a reverse stock split.
October 12, 2023 | 8:46 pm
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T2 Biosystems reported a significant decrease in Q3 revenue, leading to a drop in stock price. The company also announced FDA clearance and submission for new products, which could create growth opportunities.
The significant decrease in Q3 revenue is a negative indicator for the company's financial performance, which is likely to negatively impact the stock price. However, the FDA clearance and submission for new products could create growth opportunities, potentially offsetting some of the negative impact.
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