Exact Sciences (EXAS) Stock Soars on Q2 Earnings Beat
NEW YORK (TheStreet) -- Shares of Exact Sciences (EXAS) - Get Report are advancing 29.62% to $16.15 on heavy trading volume after the company reported 2016 second quarter earnings that blew past analysts' estimates.
Exact Sciences reported revenue of $21.2 million for the quarter, beating estimates of $18.54 million. Revenue increased 161% over the previous year's results.
The company also reported a loss of 46 cents per share. Wall Street was looking for a loss of 55 cents.
Nearly 18.81 million shares of the stock have traded hands so far today vs. the company's average of 7.74 million per day.
Exact Sciences completed approximately 56,000 of the company's at-home colorectal cancer test Cologuard in the quarter, showing a 160% increase over the 2015 second quarter.
"Continued execution of our sales and direct-to-consumer marketing strategies during the second quarter drove an increase in new physicians ordering Cologuard and broader patient awareness and demand for our non-invasive colon cancer screening test," said CEO Kevin Conroy.
Exact Sciences is a Madison, WI-based diagnostics company focused on cancer detection and prevention.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: EXAS