Exact Sciences (NASDAQ:EXAS) stock was on the rise Tuesday following a flurry of news from the molecular diagnostics company.
Exact Sciences started off its day of news by announcing acquisition plans for Thrive Earlier Detection. This is a healthcare company with the goal of introducing cancer screenings at an earlier time into normal medical routines.
Exact Sciences notes that it will be acquiring the company for $2.15 billion via a mix of stock and cash. The deal has unanimous support from both companies’ Boards of Directors and is set to close in the first quarter of 2021.
Next up is the company’s earnings report for the third quarter of 2020. The company reported losses per share of $1.46, which misses Wall Street’s 52 cents estimates. However, its revenue of $408.36 million comes in well above analysts’ estimates of $337.37 million for the quarter.
Kevin Conroy, chairman and CEO of Exact Sciences, said this about the results.
“We’re confident in the long-term growth outlook for both Cologuard and Oncotype DX and are excited about our extensive pipeline of liquid biopsy tests. Our team and the depth and breadth of our capabilities position us at the forefront of advanced cancer diagnostics.”
The last bit of Exact Sciences news for today has to do with a direct offering from the company. It’s planning a direct offering of 8,605,483 shares of EXAS stock. The shares are priced at $101 each and are being offered to 10 institutional investors. It expects net proceeds of $866 million from this offering.
EXAS stock was up 18.4% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.