EXACT Sciences Corporation (NASDAQ:EXAS) shares were up an additional 5.96% to $9.95 in after-hours trading on Tuesday, reflecting significant upward momentum for the stock. The rally has taken place on higher than usual volume as 17 million shares have traded hands versus the daily average of 2 million.
EXACT Sciences Corporation (NASDAQ:EXAS) is a molecular diagnostics company focused on the early detection and prevention of some forms of cancer. Its product pipeline includes Lung Cancer Nodules, Pancreatic Cancer Screening, Esophageal Cancer Screening, Lung Cancer Pipeline, Pancreatic Cancer Pipeline and Esophageal Cancer Pipeline.
In addition to these, the company has developed a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. This test involves a protein marker to detect blood in the stool, utilizing an antibody based fecal immunochemical test, and was approved by the US FDA. Following that launch, however, EXACT Sciences Corporation stock has tumbled from $30 per share levels.
Share prices have traded in a 52-week range of $4.67 to $32.85 and the recent rebound suggests that price may have already bottomed out. Since the Colonguard launch, EXACT Sciences Corporation has had trouble winning reimbursement. Even though there was a significant increase in screenings, spending has outpaced revenue and has weighed on the company’s balance sheet.
Recently, EXACT Sciences Corporation has announced the appointment of Jeff Elliott to a senior role. Elliott is a former senior research analyst who covered the diagnostic and lab industries and is now being tasked to identify and pursue strategic businesses for the company. Analysts speculate that he could be looking into potential collaboration, licensing, or business combinations involving Colonguard.
The company is also taking strides with investors, with a number of conferences scheduled this month. In particular, CEO Kevin Conroy is scheduled to appear at William Blair’s 36th Annual Growth Stock Conference in Chicago today.
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