T2 Biosystems Inc. (NASDAQ: TTOO) solidified its position as a coronavirus stock on Wednesday morning when it announced the launch of its COVID-19 molecular diagnostic test. Coronavirus testing has become a very lucrative field, with a few companies capitalizing on the significant demand for testing globally.
Specifically, the company announced the completion of validation of its COVID-19 molecular diagnostic test, the T2SARS-CoV-2 Panel. The test was developed by T2 Biosystems under a license agreement with the Center of Discovery and Innovation at Hackensack Meridian Health and is being commercially distributed after validation meeting requirements for an Emergency Use Authorization (EUA) request to FDA.
The T2SARS-CoV-2 Panel yields sample-to-answer results in less than two hours, using a nasopharyngeal swab sample. Also in terms of the efficiency of the test, known positive and negative patient samples showed a sensitivity of 95% and specificity of 100%.
The T2SARS-CoV-2 Panel runs on T2 Biosystems’ FDA-cleared T2Dx Instrument, which is a fully automated, random access system capable of performing seven tests simultaneously.
Aside from this COVID-19 test, the T2Dx Instrument also can run the firm’s T2Bacteria Panel and T2Candida Panel, which are capable of detecting sepsis-causing pathogens, both bacterial and fungal respectively, directly from whole blood in three to five hours
Excluding Wednesday’s move, the stock was up just over 8% year to date and down about 25% in the past 52 weeks. In the past quarter alone, the stock was up over 95%.
T2 Biosystems stock traded up about 54% on Wednesday to $1.96, in a 52-week range of $0.23 to $3.21. The consensus price target is $5.72.