Why Exact Sciences Rallied Over 50% This Week
Shares of cancer diagnostic specialist Exact Sciences (NASDAQ: EXAS) rallied 50.7% this week through Thursday at 3:30 PM EDT.
Exact was already riding a recovery after a stronger-than-expected earnings report earlier this month.This week, biotech giant Abbot Labs (NYSE: ABT) apparently took notice of the positive business trajectory, agreeing to buy out Exact for a significant premium.
It was Bloomberg that first reported rumors of the buyout on Wednesday, citing that talks were nearing fruition, according to people familiar with the matter. At the time of the article, Exact only had a market cap of $13.2 billion.
Source Fool.com
