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Exact Sciences Jumps as Company Presents at Cowen Event

Exact Sciences shares jumped as the company presented at the Cowen Liquid Biopsy Summit.
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Shares of Exact Sciences  (EXAS) - Get Free Report jumped on Thursday as the cancer-screening-technology company presented at a Cowen event, the Liquid Biopsy Summit.

At the summit Chief Executive Kevin Conroy discussed new early data for the company's multicancer-screening technology, according to a Bloomberg report. 

“We will bring the best CRC blood test to physicians and patients, though we don’t believe the blood test will replace colonoscopy or Cologuard,” Conroy said, according to the report. 

Cowen analyst Doug Schenkel, speaking during the question-and-answer portion of the presentation, called the data "new and exciting."  

The investment firm has said that cancer blood tests could represent a $130 billion market. 

Shares of Exact Sciences, Madison, Wis., at last check rose 27% to $94.56. 

Earlier this week, DNA sequencer Illumina  (ILMN) - Get Free Report unveiled an agreement to acquire cancer testing company Grail for about $8 billion in cash and stock, about four years after Illumina spun out Grail as a stand-alone company. 

“Galleri is among the most promising new tools in the fight against cancer, and we are thrilled to welcome Grail back to Illumina to help transform cancer care using genomics and our NGS platform,” Illumina CEO Francis deSouza said in a statement.

Illumina was downgraded to neutral from buy by analysts at UBS following the deal. The firm also lowered the company's price target to $285 from $390. 

“Given the material shift in strategy this deal signifies, combined with dilution and limited visibility, we see the risk-reward as more balanced,” Brennan wrote in a report.