T2 Biosystems, Inc. (NASDAQ:TTOO) shares are trading higher on Tuesday. Despite the gains, the stock is down nearly 100% year-to-date.
What To Know: Shares of T2 Biosystems took a nosedive in mid-October, hit hard by disappointing preliminary third-quarter total revenue data and the announcement of a reverse stock split.
However, last Monday, T2 Biosystems announced the successful amendment and extension to its Term Loan Agreement with CRG Servicing LLC which extends the interest-only period and the maturity date by one year from Dec. 31, 2024 to Dec. 31, 2025. It also permanently lowers the minimum cash covenant from $5,000,000 to $500,000. Also, last Tuesday, the company drew attention to new clinical data which it recently presented at the IDWeek 2023 conference.
While shares of the stock popped 14% on Tuesday, the move was not backed by strong volume. According to data from Benzinga Pro, the stock experienced below-average trading volume of 552,598 shares compared to its average volume of 1.16 million.
The stock’s move may be related to its extremely high levels of short interest, with 831.77% of shares currently sold short.
Related Link: Investment Research Firm MSCI Reports Strong Q3 Growth With Significant Advances In ESG & Climate Segment
TTOO Price Action: Shares of TTOO were up 12.3% at $6.01 at the time of publication, according to Benzinga Pro.
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