Exact Sciences (NASDAQ:EXAS) stock is on the rise Friday following news that Guardant Health’s (NASDAQ:GH) recent clinical trial didn’t go as well as expected.
The big news here is GH’s colon cancer test not performing as well as hoped. The sensitivity reported from the clinical trial came in at 83%. That’s below the 85% the company was hoping for. Also, it’s much lower than the 92% from Exact Sciences rival Colorguard test.
While the results were below expectations, that doesn’t mean Guardant Health is giving up on its colon cancer test. The company intends to submit it to the Food and Drug Administration (FDA) for commercial use.
What Do Analysts Think About the Results?
Canaccord Genuity analyst Kyle Mikson said the following in a note obtained by Investor’s Business Daily:
‘We think (the stock) reactions were a touch aggressive, recognizing that Guardant missed the mark and these results should lift a meaningful overhang for Exact. We have lowered our Shield revenue estimates to reflect modestly slower adoption.”
With today’s results, investors are buying up shares of EXAS stock. This has it seeing heavy trading as some 4 million units trade hands. That’s already double its daily average trading volume of about 2.1 million shares.
EXAS stock is up 22.9% and GH stock is down 31.4% as of Friday morning.
Investors can check out more of the latest stock market news below!
We’ve got all of the most recent stock stories traders need to know about on Friday! That includes what’s happening with Meta Platforms (NASDAQ:META), Maxar Technologies (NASDAQ:MAXR), and a further breakdown of GH stock. You can find all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.