Why T2 Biosystems Stock Soared Today

Shares of T2 Biosystems (NASDAQ: TTOO) jumped on Friday after the healthcare diagnostics specialist said its testing panel could detect the new strain of the coronavirus first identified in Brazil. As of 3:35 p.m. EST, its stock price was up more than 30%.

T2 Biosystems has now confirmed that its T2SARS-CoV-2 Panel can detect many different coronavirus strains, including the variants first identified in the U.K., South Africa, and Brazil. A recent evaluation of more than 42,000 genome sequences for the novel coronavirus showed that T2 Biosystems' panel should detect 99.99% of all currently identified SARS-CoV-2 viruses.

"We continue to actively monitor new variants of the COVID-19 virus to confirm that our technology remains a useful and reliable diagnostic tool for the many healthcare systems and people that need it during this time," T2 Biosystems CEO John Sperzel said in a press release.

Source Fool.com