EXACT Sciences Corporation (NASDAQ:EXAS) shares surged to a record high Friday, after the molecular-diagnostics company said late Thursday that its stool DNA test to detect colorectal cancer has been approved for coverage by the Centers for Medicare and Medicaid Services. EXACT Sciences Corporation (NASDAQ:EXAS) was up 41% in recent trading at $25.56 and earlier in the session traded as high as $26.79, their highest level ever. The approval makes the product the only Food and Drug Administration stool test covered by Medicare. The company is still waiting for pricing guidance from CMS. "Colorectal cancer is often considered the most preventable, yet least-prevented cancer due to the lack of patient compliance with screening," said EXAS CEO Kevin Conroy. "CMS's decision to cover Cologuard will provide Medicare's 50 million patients with access to this accurate screening option."The Blackstone Group L.P. (NYSE:BX) an investment and advisory firm, said on Friday it will spin off its financial and strategic advisory services, its restructuring and reorganization advisory services and its Park Hill fund placement businesses, combining them with independent adviser PJT Partners. The deal is expected to close in 2015. The new company will be led by PJT Partners founder Paul J. Taubman, who will be chairman and chief executive officer.The Blackstone Group L.P. (NYSE:BX) shareholders will initially own about 65% of the new company. Blackstone advisory employees will roll their shares into the company, initially owning about 35%. Excluding capital markets revenues attributable to Blackstone's financial advisory segment that will not be part of the transaction, Blackstone's advisory businesses generated about $380 million in revenue for the 12 months that ended on June 30. Blackstone shares have traded in a range from $25.10 to $36.08 in the past 52 weeks.Twenty-First Century Fox Inc (NASDAQ:FOX) and funds managed by Apollo Global Management's (APO) affiliates said they signed an agreement to form a global multi-platform content provider, which will group together Endemol, Shine Group and CORE Media. Based on the terms of the agreement, the two companies will jointly manage the newly created group, with each company owning a 50% stake. The new group will have operations in over 30 international markets, with a portfolio of over 600 formats, together with digital, gaming, and distribution operations. Sophie Turner Laing, former managing director of content at BSkyB will be appointed as the group's CEO. Twenty-First Century Fox Inc (NASDAQ:FOX) is trading within a 52-week range of $30.02-35.65.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
