Shares of Grail, Inc. (GRAL) surged 20% intraday Wednesday, putting the medical technology company above the likes of Arm Holdings (ARM) and Netflix (NFLX) to be the biggest gainer in the Nasdaq 100 index in recent trading.
Grail, which did not appear to issue a press release or Securities and Exchange Commission (SEC) filing today, was spun off from Illumina Health (ILMN) following legal battles with regulators and started trading on its own last June. Grail is developing a number of early detection cancer screening tests.
Last week at an industry conference, the company projected fiscal 2024 revenue of $124 million to $126 million, and said it expects fiscal 2025 U.S. sales of its Galleri blood test rising 20% to 30% year-over-year.
Grail also said that it expects to burn through less than $320 million over fiscal 2025, and said the $767 million cash on hand to end 2024 should give the company runway into 2028.
Grail shares had been little changed since the company's June split from Illumina until soaring Wednesday.
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