Exact Sciences Corp. EXAS. -5.86% shares gained over 7% on Wednesday in premarket trade after the company announced results of a study on its non-invasive colorectal screening test, Cologuard. The company stated that in a study of 20,000 participants aged 40 and older the updated version of this test accurately detected cancer 94% of the time and produced correct negative results 91%. Exact Sciences plans to submit its FDA application for the next-generation Cologuard before the end of this year. According to the American Cancer Society, colorectal cancer ranks third in terms of cancers diagnosed in the United States. More than 150,000 new cases are expected this year.