T2 Biosystems (NASDAQ:TTOO) shares have risen almost 200% so far this month on meme stock interest, trading hands at about US$0.31 on Friday morning.
Before the highly shorted healthcare stock caught the eye of meme-stock traders, it had traded at about US$0.15.
The stock has rallied after investors learned on July 31 that the Nasdaq had granted T2 Biosystems (NASDAQ:TTOO) an extension to comply with the stock exchange’s minimum bid price of $1 and market value of listed securities requirement of at least $35 million.
The company has since regained compliance with the minimum market value requirement, met on August 7, 2023, which marked the 10th consecutive trading day when its market value was at least $35 million.
But with its shares trading hands at about $0.31, far below the $1 required, the company has some work to do to meet the minimum bid price requirement before the Nasdaq’s deadline of November 20, 2023.
The company describes itself as a leader in the rapid detection of sepsis-causing pathogens and antibiotic-resistance genes. Its products include the T2Dx Instrument, the T2Bacteria Panel, the T2Candida Panel, the T2Resistance Panel, and the T2SARS-CoV-2 Panel which are powered by the proprietary T2 Magnetic Resonance technology.
Earlier this week the company posted its second-quarter results, reporting a 67% drop in revenue year over year to $2 million.
However, it narrowed its net loss from $18 million or a loss per share of $5.10 in the year-ago quarter to a loss of $6.3 million or a loss of $0.08 per share.
T2 Biosystems (NASDAQ:TTOO) pared some of its gains on Friday morning, down 2.7% at US$0.31.
Contact the author at emily.jarvie@proactiveinvestors.com
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