Shares of healthcare diagnostics company T2 Biosystems (NASDAQ:TTOO) are up nearly 17% at the time of writing today after its candida auris diagnostic test bagged a breakthrough device designation from the U.S. Food and Drug Administration (FDA).
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Impressively, the direct-from-blood molecular test is now the third product to bag the breakthrough device designation for T2. Further, the company plans to add the candida auris test to the test menu on its T2Dx instrument.
The T2Dx can detect candida auris pathogens in only 3-5 hours and the move promises to further boost the value proposition for the instrument. Notably, candida auris has a mortality rate of ~60% and can be difficult to identify with conventional laboratory methods.
Overall, the Street has a $0.10 consensus price target on TTOO alongside a Hold consensus rating. Shares of the company have tanked nearly 98.6% over the past year.
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