Thursday, September 29, 2022

Exact Sciences Hits Record on Thrive Acquisition, Covid-19 Testing, By Investing.com

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© Reuters

By Christiana Sciaudone

Investing.com —  Exact Sciences (NASDAQ:) jumped 18% after saying it will buy Thrive Earlier Detection Corp. for $2.15 billion, and announced a jump in third quarter sales thanks to Covid-19 testing. 

The stock is trading at an all-time high.

Exact said sales of $408.4 million in the third quarter of 2020 compared to $218.8 million during the same time in 2019, with Covid-19 testing revenue representing $102.2 million of that. Losses, however, piled up, with a loss per share of $1.46 compared to a loss of 31 cents in 2019.   

Thrive is a healthcare company dedicated to incorporating cancer detection into routine medical care through its early-stage screening test, CancerSEEK. The Thrive deal is expected to close in the first quarter of 2021.

Exact also announced a direct offering to 10 institutional investors of 8.6 million shares, raising about $869 million. Among the shareholders are some of its biggest, including Casdin Capital and Rock Springs Capital. 

Exact has a solid 12 buy ratings from analysts, with no holds or sells.

 

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