T2 Biosystems jumps 49% after saying its diagnostic test can detect COVID-19 variants

SourceBusiness Insider
SectorHealthcare
CountryMiddle east

T2 Biosystems soared as much as 49% on Tuesday after the company said its diagnostic test for COVID-19 proved effective in identifying variants of the virus that are spreading in the UK and South Africa.The T2SARS-CoV-2 Panel has demonstrated clinical sensitivity of 95% and specificity of 100%, the company said.Visit Business Insider's homepage for more stories. As the COVID-19 virus mutates into different variants, one small-cap diagnostics company says their test can detect the mutated strains: T2 Biosystems. T2 Biosystems soared as much as 49% in Tuesday pre-market trades after it said its T2SARS-CoV-2 Panel proved effective in identifying variants of COVID-19 that are spreading quickly in the UK, South Africa, and the US. The T2SARS-CoV-2 Panel has demonstrated clinical sensitivity of 95% and specificity of 100%, the company said. An analysis of over 42,000 genome sequences for COVID-19 were evaluated for alignment with the diagnostic test, T2 Biosystems said. Read more: Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end "This analysis demonstrated that the T2SARS-CoV-2 Panel should detect 99.99% of all SARS-CoV-2 viruses based on sequence alignments," the company said.  The bigger question is whether the COVID-19 vaccines from companies like Pfizer, Moderna, and AstraZeneca will also ...read more...