Grail jumps as FDA raises no major concerns on cancer test

Brokerage Piper Sandler called the update "constructive for GRAL" and expects "a favorable vote".

The Galleri blood test screens for signals across more than 50 cancers as a complement to existing single-cancer screening methods.

The FDA's advisory committee is scheduled to meet on Wednesday.

As of the last close, the stock was up 24.45% year to date.

Shares of cancer test maker Grail GRAL.O rose 34.6% to an over seven-month high of $108.71.

The U.S. FDA released briefing documents showing no major safety or technical concerns regarding Grail's Galleri multi-cancer screening test.

The FDA is focusing its panel discussion primarily on product labeling and whether the data supports an explicit "early detection" claim.

RBC Capital Markets analysts said the documents "read positively for Galleri's approval case" because questions center "mostly on labeling rather than core test validity and safety".