:max_bytes(150000):strip_icc()/GrailLogo-d665ab50d4f5418e9793a387b3529c83.jpg?w=1920&resize=1920,1267&ssl=1 "Early Cancer Detection Firm Grail Leads Nasdaq Gainers as Stock Jumps 20% | Global News Avenue")
Early Cancer Detection Firm Grail Leads Nasdaq Gainers as Stock Jumps 20%
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Main points
- Shares of medical technology company Grail rose 20% on Wednesday, leading gains in the Nasdaq 100.
- Grail, which was spun off from Illumina last year, is developing a variety of early-detection cancer screening products.
- Last week, Grail said it expected sales of Galleri’s blood testing products to grow 20% to 30% year over year in fiscal 2025.
Grail, Inc. stock (Graal) surged 20% intraday on Wednesday, giving the medical technology company an outperformance over the likes of Arm Holdings (arm) and Netflix (NFLX) become the biggest winner Nasdaq 100 Index Index in recent transactions.
Grail does not appear to have issued a press release or Securities and Exchange Commission (SEC) The document submitted today is Spin-off from Illumina Health (ILMN) began trading on its own last June after a legal dispute with regulators. Grail is developing several early detection cancer screening tests.
At an industry conference last week, the company forecast fiscal 2024 revenue of $124 million to $126 million and said it expected U.S. sales of Galleri blood tests to grow 20% to 30% year over year in fiscal 2025.
Grail also said it expects to spend less than $320 million in fiscal 2025, adding that $767 million in cash on hand by the end of 2024 should get the company well into 2028.
Until Wednesday’s surge, Grail’s stock price had been little changed since the company split from Illumina in June.
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