Thursday, September 29, 2022

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


© Reuters

By Christiana Sciaudone —  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.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories