market folly

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Exact Sciences (EXAS).  Per the filing, Lone Pine now owns 5.3% of the company with over 6.39 million shares.

This is a newly revealed equity position for the firm.  The filing was made due to activity on February 23rd.

Per Google Finance, Exact Sciences is "a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. The Cologuard test is intended for the qualitative detection of colorectal neoplasia associated DNA markers and for the presence of occult hemoglobin in human stool. It focuses on the development of additional tests for other types of cancer. It is developing a blood-based biomarker test to aid in the early detection of lung cancer in individuals with lung nodules discovered through a computerized tomography (CT) or other scan."