Volatility has been the name of the game for T2 Biosciences this week.
Shares of the company are down more than 8% after hours Friday to $0.56 — after gaining nearly 24% during the Friday session.
The day before that, the stock swooned over 20%, and since the beginning of August it's up a whopping 400%.
So what's going on? Meme-stock traders believe the stock could skyrocket should T2 Biosystems (NASDAQ:TTOO) gain United States Food and Drug Administration (FDA) approval for diagnostics tools in its development pipeline, according to investors’ discussions on the social media platform Reddit.
The push and pull this week seems to be the result of traders trying to push the stock higher while institutional investors have increased their short positions in the company, per the Reddit discussion.
Lexington, Massachusetts-based T2 Biosystems (NASDAQ:TTOO) develops in vitro diagnostics tools targeting sepsis, hemostasis, bacteria, and Lyme disease for hospitals and laboratories. Its tools are powered by its T2 Magnetic Resonance detection technology which can identify a range of molecular targets direct-from-blood.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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