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T2 Biosystems Inc.’s stock
TTOO,
fell 4.1% 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 has been generating meme-like buzz recently, and its stock has surged 193% in the last month. 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.” All of the three analysts surveyed by FactSet have a hold rating for T2.
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