Why T2 Biosystems Stock Is Up Today

T2 Biosystems, Inc. TTOO shares are trading higher Monday after the company announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the expanded T2Bacteria Panel.

The Details:

T2 Biosystems said that it has received FDA clearance to add the capability to detect another bacterial species, Acinetobacter baumannii, to the panel. 

"We are thrilled to receive the FDA 510(k) clearance for the expanded T2Bacteria Panel, to include the detection of A. baumannii, as we believe it will lead to increased adoption of our proprietary direct-from-blood platform,” stated John Sperzel, CEO of T2 Biosystems. 

“The addition of A. baumannii represents the achievement of another successful product development and regulatory milestone for T2 Biosystems and increases the value proposition of the T2Bacteria Panel by covering approximately 75% of all sepsis-causing bacterial pathogens commonly found in bloodstream infections,” Sperzel added. 

T2 Biosystems is set to report its fourth-quarter financial results after the market close on Thursday and will host a conference call to discuss the results at 4:30 p.m. ET the same day.

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TTOO Stock Prediction 2024

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at T2 Biosystems TTOO, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For T2 Biosystems, the 200-day moving average sits at $15.07, according to Benzinga Pro, which is above the current price of $5.57. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

TTOO Price Action: According to Benzinga Pro, T2 Biosystems shares are up about 21% at $5.94 at the time of publication.

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