Benzinga | Sep 30, 2020 10:50AM EDT

Why T2 Biosystems Stock Is Trading Higher Today

T2 Biosystems (NASDAQ:TTOO) shares are trading higher on Wednesday after the company announced that it has exercised its first contract option valued at $10.5 million.

T2 Biosystems provides rapid in vitro diagnostic tests to hospitals and laboratories. Its core technology is T2 Magnetic Resonance (T2MR) technology, which can detect a variety of molecular targets directly from whole blood. T2MR technology enables the T2Dx system, which is fully automated from patient sample to result for its panels focused on bacterial and fungal infections that could cause sepsis, and its pipeline panel for Lyme disease.

T2 Biosystems shares traded up 4.93% to $1.35 on Wednesday at the time of publication. The stock has a 52-week high of $3.15 and a 52-week low of 24 cents.