dormant branch  active flow · the readout is the market’s re-rating narrative
Phase 3 readout re-rates the Personalis acquisition from dilution drag to strategic infrastructure INTerpath-001 result pending 1 Personalis deal $1.5B, mostly stock 2 Personalis / MRD infra tumor-informed sequencing priced as dilution priced as dilution at rich multiple 3 TEM -4% to -7% selloff Aug 10 re-rated exposure MRD + vaccine-seq 4 expectations reset multiple re-rate → diagnostic-AI cohort 5 4x volume · call buying · MAs → chase 6 re-rate is prospective — Personalis / MRD payoff is a 2027 story
Before the readout (Aug 10): the same $1.5B Personalis deal is priced as stock dilution at a rich multiple — TEM sheds ~4-7%.