What's Going On With T2 Biosystems Stock?

T2 Biosystems, Inc. TTOO shares are trading lower Thursday. The stock appears to be moving on continued downward momentum and has lost more than 65% over the last five days. 

What To Know:

The company announced preliminary third-quarter financial results on Oct. 12. 

T2 Biosystems reported total revenue for the third quarter of $1.5 million, a 60% decrease compared to $3.7 million in the prior year period. 

The company stated that its complete third quarter 2023 financial results will be announced in November.

Also on Oct. 12, T2 Biosystems announced that it has submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) to expand the number of pathogens detected on the FDA-cleared T2 Bacteria Panel to include the detection of Acinetobacter baumannii (A. baumannii). 

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TTOO Price Action: According to Benzinga Pro, T2 Biosystems shares are down 11% at $5.98 at the time of publication.

Image:Oleg Gamulinskii from Pixabay