March 11, 2026
T2 Biosystems stock falls 8.3% premarket

T2 Biosystems stock falls 8.3% premarket

T2 Biosystems’s stock falls 8.7% premarket after generating meme-like buzz – MarketWatch

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Last Updated: Aug. 11, 2023 at 9:29 a.m. ET First Published: Aug. 11, 2023 at 7:58 a.m. ET

T2 Biosystems continued its pullback after ending Thursday’s session down 4.5%

T2 Biosystems has been generating meme-like buzz recently and its stock has surged 193% in the last month.

(Getty Images/iStockphoto)

[]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, -5.66% 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 the company has regained compliance with the Nasdaq’s Market Value of Listed Securities Requirements. On Nov. 22, 2022 T2 was notified by the Nasdaq that it was not in compliance with the NASDAQ’s Capital Market requirement because it failed to maintain a MVLS of at least $35 million for a period of 30 consecutive business days. To regain compliance with the rule, T2 was required to maintain an MVLS of at least $35 million for at least 10 consecutive trading days, which it met on Aug. 7.

[]See Now: How one investor applied the lessons of the meme stocks frenzy to blockchain and NFTs

[]The company’s stock has fallen 77% in 2023, compared with the S&P 500 index’s SPX gain of 16.4%.

Barron’s: Ford, GM Stocks Tank. It Has to Do With Car Prices.

[]New- and used-car prices fell in July, easing some pain for U.S. consumers. Yet prices for insurance, repair, and other services continued to march higher.

[]James Rogers is a Financial Columnist for MarketWatch.

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