Exact stock surges as changes to Pfizer's sales agreement a 'positive,' analyst says

Shares of Exact Sciences Corp. EXAS, +8.37% rallied 8.0% successful day trading Wednesday, aft the molecular diagnostics institution said it taking implicit the selling of its Cologuard at-home colon crab screening trial from Pfizer Inc. PFE, +0.21%, and said it was discussing with Pfizer "material changes" to their promotion agreement. The institution said it learned successful precocious August that Pfizer chopped the income positions supporting its concern tasked with selling Cologuard, truthful Exact offered those displaced income representatives jobs. Exact said it added astir 400 income reps successful September, bringing the full to much than 850 income reps. The institution said it expects those reps to beryllium "more productive" than erstwhile they were astatine Pfizer, since they volition beryllium afloat focused connected selling Cologuard, and due to the fact that Pfizer was not making in-personal income calls successful 41 states due to the fact that of its COVID-19 policies, which were antithetic than Exact's policies. Analyst Bruce Jackson astatine Benchmark reiterated his bargain standing and $165 terms people connected Exact's stock, saying the disclosed changes were, "Overall, affirmative for Exact." The banal has dropped 14.5% implicit the past 3 months, portion the S&P 500 SPX, +0.93% has gained 5.4%.