NEW YORK — T2 Biosystems said on Tuesday that it has received notice that it has regained compliance with the Nasdaq's minimum bid price requirement.
About a year ago, the Lexington, Massachusetts-based infectious disease test maker was informed by the Nasdaq that its stock did not meet the exchange's required closing bid price of $1 for a period of 30 consecutive business days.
Following a recent 1-for-50 reverse stock split, T2's shares were trading at or above the $1 mark for at least 10 consecutive trading days, settling the issue. During early Tuesday morning trading, shares of T2 were up $.06 at $1.91.
Earlier this month, investment bank Canaccord Genuity cut its rating on T2 to Hold from Buy, citing low revenues and slower-than-expected product development.