NEW YORK (TheStreet) -- The broad market may be flirting with a downturn but ExactSciences (EXAS) - Get Report isn't a stock that appears likely to be dragged down anytime soon. Shares of the Madison, Wisc.-based diagnostics company were surging 35% on Friday to $24.51.
On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out that shares have gained almost 40% since the announcement that Medicare will provide coverage for Cologuard, which is an alternative treatment for a colonoscopy that involves the testing of a patient's fecal matter. Cramer added that the treatment is much "more private" than a colonoscopy.
Many people don't like colonoscopies, he continued, so this test is a good alternative. Cramer was quick to add, however, that the test isn't as accurate as colonoscopies.
"Why isn't the stock up?" Cramer asked. This is good news, the company is well run, and it has comparatively large dividend yield of 7%. People are going to wish they bought some of these beaten down stocks on this market pullback, he concluded.
-- Written by Bret Kenwell
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.