Exact Sciences (EXAS) Climbs to 2-Year High on Abbot Merger Reports

We recently published 10 Stocks Beating Wall Street at its Own Game. Exact Sciences Corp. (NASDAQ:EXAS) is one of the best-performing stocks on Wednesday.

Exact Sciences climbed to a new two-year high on Wednesday, as investors loaded portfolios following reports that it set to be taken over by Abbott Laboratories in what could be its largest acquisition to date.

At intra-day trading, the stock soared to its highest price of $89.67 before trimming gains to end the day just up by 23.68 percent at $86.18 apiece.

According to Bloomberg, Exact Sciences Corp. (NASDAQ:EXAS) and Abbot Laboratories are now in advanced talks to acquire the medical testing company.

Citing people privy to the matter, Bloomberg said that the two parties are now discussing terms of the transaction, and that a potential deal could be announced in the coming weeks.

In other recent news, Exact Sciences Corp. (NASDAQ:EXAS) narrowed its net loss  for the third quarter of the year by 48.77 percent to $19.59 million from $38.24 million in the same period last year. Revenues grew by 20 percent to $850.7 million from $708.6 million year-on-year, on the back of strong revenues from screening and precision oncology segments.

Looking ahead, Exact Sciences Corp. (NASDAQ:EXAS) raised its revenue guidance for the full-year period to a range of $3.22 billion to $3.235 billion, from $3.13 billion to $3.17 billion previously.

Adjusted EBITDA was also targeted to be higher at $470 million to $480 million, versus $455 million to $475 million earlier.

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Disclosure: None. This article is originally published at Insider Monkey.