EXACT Sciences Corporation EXAS shares plummeted 6 percent Tuesday on news that the company had backed out of an early-May Deutsche Bank conference. An Exact representative attributed the cancellation to scheduling conflicts.
In addition, the spokesperson told Benzinga that Exact would report earnings some time before the dates of the convention and confirmed corporate plans to attend the Bank of America Corp Healthcare Conference in mid-May.
Conference cancellations are sometimes interpreted by investors as evasive public relations tactics. For example, a company may have positive or negative news that it does not want to address.
However, in confirming the timing of Exact’s earnings release and intended participation in the Bank of America conference, the company may have aptly justified its reason for missing Deutsche Bank. Nonetheless, the company’s stock remained volatile. Its value briefly rebounded from a monthly low but remaining red for the day, down 2.66 percent midday.
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