What's Going On With T2 Biosystems Stock?
Portfolio Pulse from Erica Kollmann
T2 Biosystems, Inc. (NASDAQ:TTOO) shares are trading lower, having lost more than 65% over the last five days. The company announced preliminary Q3 financial results, reporting a 60% decrease in total revenue compared to the prior year. T2 Biosystems also submitted a 510(k) premarket notification to the FDA to expand the number of pathogens detected on the FDA-cleared T2 Bacteria Panel.
October 19, 2023 | 4:21 pm
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NEGATIVE IMPACT
T2 Biosystems shares are trading lower following a significant decrease in Q3 revenue and the submission of a 510(k) premarket notification to the FDA.
The significant decrease in Q3 revenue is likely to have negatively impacted investor confidence, leading to a decrease in the stock price. The submission of a 510(k) premarket notification to the FDA may also be contributing to the downward trend, as it indicates potential future costs and regulatory hurdles.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100