Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Exact Sciences Hits Record on Thrive Deal, Covid-19 Testing,

Published 10/27/2020, 11:19 AM
Updated 10/27/2020, 11:20 AM
© Reuters

By Christiana Sciaudone

Investing.com --  Exact Sciences (NASDAQ:EXAS) 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.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.