Here's Why Grail Shares Popped Higher This Week
Grail (NASDAQ: GRAL) shares rose 14% this week as the market warmed to the company's first-quarter earnings report and commentary ahead of its presentation at the American Society of Clinical Oncology (ASCO) meeting.
Despite the recent rise, the stock is down almost 28% this year, largely due to the disappointing results from its 3-year trial with England's National Health Service (NHS) involving a 142,000 demographic. The trial's primary endpoint was a statistically significant reduction in late-stage cancers (Stages III and IV) among patients who used Galleri, its multi-cancer early detection (MCED) test.
Unfortunately, the primary endpoint wasn't observed, and the stock crashed in February. The market is worried that the trial results may mean Grail won't receive Food and Drug Administration (FDA) approval, and even if it does, there's the question of insurers' willingness to cover Galleri.
Source Fool.com
