EXACT Sciences Corporation (NASDAQ:EXAS)
Quick-trigger traders who initiated positions in EXACT Sciences Corporation (NASDAQ:EXAS) earlier in yesterday’s trading session on the buzz that it canceled its presentation at upcoming Deutsche Bank’s Health Care conference in May are feeling a bit disappointed after a firm representative confirmed that the cancellation was only due to a planned conflict. There have been cases where such a cancellation preceded an announcement of an acquisition or merger. The company is still on the agenda to present at upcoming Bank of America Merrill Lynch’s conference planned weeks later.
Earlier this month, EXACT Sciences Corporation (NASDAQ:EXAS) reported that in support of the firm’s development plans, it awarded restricted stock units totaling 85,421 shares to 77 recently hired non-executive employees under an inducement grant plan. These awards vest in four equal yearly installments starting on the anniversary of the grant date. They were granted as an incentive to the recent employees in accordance with NASDAQ exchange Rule 5635(c)(4). The firm is making this report as mandated by NASDAQ rules.
EXACT Sciences Corporation (NASDAQ:EXAS) is a molecular diagnostics firm focused on the initial detection and prevention of the lethal forms of cancer. The firm has exceptional intellectual assets safeguarding its non-invasive, molecular screening know-how for the discovery of colorectal cancer. This new trial demonstrated potential of new blood-based lung cancer investigation.
Researchers planned a multi-round trial of almost 400 subjects, which showed a high precision for detecting lung cancer at any stage. Kevin Conroy, the CEO and Chairman of Exact Sciences, reported that this data showcases the ability to spot lung cancer from a basic blood draw. Exact Sciences is also working with the Mayo Clinic to identify biomarkers for additional cancer applications on a similar technology platform as Cologuard.
AACR issued an abstract of the study, ahead of the scheduled presentation on April 2, 2017, in the AACR annual meeting. The data from the trial of 398 patients show that biomarkers in plasma recorded high accuracy for all stages and types of lung cancer. Utilizing two exclusive regression modeling plans, a panel of four unique methylated DNA markers showed a sensitivity of 91%-96% at a specificity of 90%-94%.
EXACT Sciences Corporation (NASDAQ:EXAS) registered a strong day on the market yesterday as shares jumped over 9% to close at $22.99. Almost 4.72 million shares exchanged hands on 24,945 trades for the session, as against an average daily share volume of 2.67 million out of a total float of around 110 million.
|Last Price a/o 3:21 PM EST||$22.99|
|Market Cap (mlns)||$2.51B|
|Shares Outstanding (mlns)||109.32M|
|Share Float (mlns)||107.84M|
|Short Interest Ratio||11.72|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.