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Here's Why Grail Stock Soared Higher In May (and Where The Company Is Heading Now)

Shares in multi-cancer early detection (MCED) test company Grail (NASDAQ: GRAL) soared by 31.6% in May, according to data from S&P Global Market Intelligence. The move came as investors bought the stock on optimism that management's presentation at the annual American Society of Clinical Oncology meeting at the end of the month would strengthen the case for the Galleri test's approval by the Food and Drug Administration (FDA) and, ultimately, for medical insurance coverage.

The presentation gained increased importance following the failure of its 50-cancer MCED Galleri test to meet a primary endpoint in a landmark 3-year trial conducted by England's National Health Service (NHS). The trial aimed to demonstrate a statistically significant reduction in the detection of Stage III and Stage IV (combined) cancers by detecting cancers at earlier stages in a test group compared to a control group. Unfortunately, the trial failed to meet this endpoint, causing the slump you can see in the price chart below in February.

As often with clinical trials, it's not quite cut and dried, and in February's press release, management noted a few key points:

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Here's Why Grail Stock Soared Higher In May (and Where The Company Is Heading Now)

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