Exact Sciences Stock Is Trading Higher: What's Going On?

Exact Sciences Corp EXAS shares are trading higher Wednesday after the cancer screening and diagnostics company said its Cologuard test demonstrated 94% sensitivity for colorectal cancer at 91% specificity. 

What Happened: Exact Sciences announced positive top-line results from its BLUE-C study late Tuesday showing that Cologuard met all study endpoints and improved on all top-line metrics, including a 30% lower false positive rate. 

"We are harnessing deep scientific insights, advanced technology, and over a decade of research and development to detect colorectal cancer with greater sensitivity and significantly improve the false positive rate. Once approved, next-generation Cologuard will meaningfully enhance the patient experience," said Kevin Conroy, chairman and CEO of Exact Sciences.

In the coming months, Exact Sciences said it plans to release additional analyses of the BLUE-C data and complete its application to the FDA for Cologuard approval.

What Else: On Wednesday, Exact Sciences announced separate collaborations with Broad Institute of MIT and Harvard and Baylor Scott & White, aimed at improving patient care by increasing access to genomic information. 

Exact Sciences entered into a five-year sponsored research agreement and exclusive license agreement with Broad Institute. The company also entered into a three-year agreement with Baylor Scott & White to establish the Texas Multicancer Early Detection Registry program.

"These collaborations mark a significant milestone in Exact Sciences' pursuit to eradicate cancer," said Jorge Garces, chief science officer at Exact Sciences.

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EXAS Price Action: Exact Sciences shares were up 6.53% at $100.50 at the time of writing, per Benzinga Pro.

Photo: courtesy of Exact Sciences.