Exact Sciences EXAS jumped 35% to $24.42 Friday on word that its new colon cancer diagnostic test, Cologuard, will be covered by Medicare.
Cologuard, which uses stool samples to detect pre-cancerous polyps, received Food & Drug Administration approval in August. Medicare will cover the $500 test costs once every three years. The tests do not require medication, dietary restrictions or bowel preparation and can be done at home.
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