T2 Biosystems Inc. (NASDAQ:TTOO) is up 27% in premarket after announcing that its T2SARS-CoV-2 panel can detect Iota (B.1.526) and Mu (B.1.621) coronavirus variants that were recently confirmed in the US. The T2SARS-CoV-2 Panel is a molecular diagnostic test capable of detecting the SARS-CoV-2 virus that causes COVID-19.
Just like the South Africa (B.1.351), the UK (B.1.1.7), and the Brazilian (P.1) variants, the Iota and Mu variants also have multiple alterations reflected in the S gene responsible for encoding the spike protein. Interestingly, sequences analyses for the Iota and Mu variants confirmed the T2SARS-CoV-2 panel’s reliability and confidence ability to detect the variant. Therefore, the analysts expanded the panel’s utility beyond the previously confirmed capability of detecting the delta variant alongside P.1, B.1.351, and B.1.1.7 variants.
The company’s CEO John Sperzel said that they are delighted to announce that their tech can detect other coronavirus variants, including Iota and Mu, enabling health care providers to offer informed decisions regarding patients’ health. So in the coming weeks, TTOO is worth watching.
Market Reaction:
On Thursday, TTOO stock went up 0.77% at $0.8666 with more than 2.86 million shares, compared to its average volume of 2.84 million shares. The stock has moved within a range of $0.8538 – 0.8880 after opening the trade at $0.8580. Moreover, the stock is up another 27% in the pre-market session.
