Why Grail Stock Popped Today
Shares in multi-cancer early detection (MCED) test company Grail (NASDAQ: GRAL) rose by 11.5% in early trading today, as investors took advantage of a dip in the share price following the company's much-anticipated presentation at the American Society of Clinical Oncology (ASCO) conference recently.
Given the strong run-up before the presentation, it's not surprising that some investors sold after it. It's a combination of good old-fashioned "sell on the news" alongside recognition that the data presented was mixed and didn't provide compelling evidence for investors to conclude that Grail's MCED test, Galleri, will get FDA approval and receive insurance coverage, particularly Medicare coverage.
As a reminder, the Galleri test failed to meet its primary endpoint of reducing the detection of late-stage cancers (Stage III and Stage IV) in a 3-year, 142,000-person trial conducted by England's National Health Service (NHS).
Source Fool.com
