Exact Sciences stock surged to a seven-month high after Freenome revealed results of a study on its blood-based colon cancer test, which showed similar specificity but lower sensitivity compared to Exact's Cologuard. Analysts believe the results dispel concerns about blood-based tests replacing stool-based ones and expect Exact Sciences shares to trade on a fundamental basis going forward. Despite the stock's recent climb, Freenome could still improve its test's sensitivity for advanced adenomas.
Jim Cramer advises caution with Toast due to its point-of-sale business model, warns that CVS is primarily a retailer with a healthcare business and highlights issues with theft, suggests staying away from HF Sinclair and recommends looking into other oil companies, believes Exact Sciences needs to focus on increasing earnings rather than just sales, and expresses positivity towards SoFi despite the current downward trend in banking stocks.
Exact Sciences' next-generation Cologuard, a stool-based test for colon cancer, outperformed the original test in a study of 20,000 people, with 94% sensitivity and 91% specificity. The company plans to file for approval of the new test by the end of the year. Despite the positive results, Exact Sciences' stock pulled back 4.8% at the close, settling at 89.78. However, the stock has risen 207% from its recent low point in late October.
