: T2 Biosystems stock surges more than 14% premarket to continue rally

Shares of micro cap T2 Biosystems Inc. TTOO rose 14.3% in premarket trades Tuesday, continuing a rally that saw the stock end Monday’s session up 15.4%. The stock is on a two-day winning streak after ending Friday’s session up 3.3%. T2 has been generating meme-like buzz recently and its stock has risen 323.9% in the last month. The company, which describes itself as a leader in the rapid detection of sepsis-causing pathogens and antibiotic-resistance genes, has a market cap of $112.72 million. Last week Alliance Global Partners raised its T2 price target to 18 cents from 7 cents following the company’s second-quarter results but maintained its neutral rating for the company. “T2 announced Q2 revenue inline with their preannounced figure, but operating loss was greater than we anticipated,” wrote Alliance Global Partners analyst Ben Haynor. “We continue to be believers in T2’s technology, but overriding nearterm capital needs keep us on the sidelines.” As of June 30, 2023, T2 had cash and cash equivalents of $16.1 million. The company raised $18.5 million in net proceeds through at-the-market sales in the second quarter and on July 6 converted $10 million, or approximately 20%, of its term loan into equity. All of the three analysts surveyed by FactSet have a hold rating for T2. The company’s stock has fallen 72.5% in 2023, compared with the S&P 500 index’s SPX gain of 16.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.