Here's Why Exact Sciences Stock Snapped Right Back Into Place
When Exact Sciences (NASDAQ: EXAS) told investors it booked 94% more revenue during the second quarter than a year earlier, the stock fell more than 12% before recovering by the end of the day. The market looked right past a glowing earnings report and focused on a rumor that many shareholders had hoped wasn't true.
On July 27, 2019, Bloomberg reported that Exact Sciences was in talks to acquire another cancer diagnostics company, and a couple of days later the pair made it official. Exact will acquire Genomic Health (NASDAQ: GHDX) for $2.8 billion in cash and stock. Here's why the official merger announcement sent Exact Sciences stock into the dirt, and the reasons it quickly recovered.
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