Canaccord Genuity Reiterates Buy Rating for EXACT Sciences (NASDAQ:EXAS)

EXACT Sciences (NASDAQ:EXAS)‘s stock had its “buy” rating reissued by Canaccord Genuity in a note issued to investors on Wednesday, The Fly reports. They presently have a $125.00 price target on the medical research company’s stock, up from their prior price target of $118.00. Canaccord Genuity’s target price suggests a potential upside of 6.45% from the company’s current price.

The analysts wrote, “We reiterate EXAS as a top pick for 2019 and we raise our PT to $125. Is EXAS still a start-up? We don’t often ascribe $15B companies as “start-ups,” but given its sub-5% penetration rate on just one product, management, vision, and momentum building in Madison (energized with the new opening of lab which expands its capacity by 133% to 7M tests/year), we believe EXAS is just getting started. Pfizer has been a “home run” so far – we expect momentum to accelerate. Management indicated that its three-year partnership with Pfizer has been a “home run” so far. Pfizer reps (particularly the OBGYN reps who were just trained in Jan ’19) aren’t fully ramped yet. Add to this that Pfizer’s Lyrica went off patent two weeks ago, there is good reason to think that the best days working with PFE have not been realized yet.””

Other equities research analysts also recently issued research reports about the stock. UBS Group downgraded shares of Advanced Disposal Services from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Jefferies Financial Group lifted their target price on shares of EXACT Sciences from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Zacks Investment Research raised shares of Flagstar Bancorp from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Monday, July 8th. Craig Hallum lifted their target price on shares of 1-800-Flowers.Com from $26.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, BidaskClub downgraded shares of Ames National from a “hold” rating to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $109.82.

Shares of EXAS traded up $0.53 on Wednesday, hitting $117.43. 59,390 shares of the stock traded hands, compared to its average volume of 1,108,984. The stock has a market cap of $15.15 billion, a P/E ratio of -86.35 and a beta of 1.64. The company has a debt-to-equity ratio of 1.02, a current ratio of 8.39 and a quick ratio of 8.13. The firm has a 50 day simple moving average of $112.81. EXACT Sciences has a one year low of $47.78 and a one year high of $121.98.

EXACT Sciences (NASDAQ:EXAS) last announced its quarterly earnings results on Tuesday, April 30th. The medical research company reported ($0.66) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.65) by ($0.01). The firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $153.07 million. EXACT Sciences had a negative net margin of 41.58% and a negative return on equity of 28.83%. EXACT Sciences’s revenue was up 79.4% on a year-over-year basis. During the same period last year, the business earned ($0.33) EPS. On average, equities research analysts forecast that EXACT Sciences will post -2.2 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. First Hawaiian Bank lifted its stake in shares of EXACT Sciences by 160.0% during the 1st quarter. First Hawaiian Bank now owns 325 shares of the medical research company’s stock valued at $28,000 after buying an additional 200 shares in the last quarter. Buffington Mohr McNeal purchased a new stake in EXACT Sciences in the 1st quarter worth $30,000. Mosaic Family Wealth LLC purchased a new stake in EXACT Sciences in the 1st quarter worth $37,000. NEXT Financial Group Inc purchased a new stake in EXACT Sciences in the 2nd quarter worth $50,000. Finally, Shine Investment Advisory Services Inc. lifted its stake in EXACT Sciences by 130.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 442 shares of the medical research company’s stock worth $38,000 after purchasing an additional 250 shares in the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

EXACT Sciences Company Profile

Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.

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Analyst Recommendations for EXACT Sciences (NASDAQ:EXAS)

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