Exact Sciences Corporation (NASDAQ:EXAS) surged 11% today after the company reported first-quarter results with revenues beating consensus expectations. In reaction, Canaccord’s healthcare analyst Mark Massaro reiterated a Buy rating on the stock with a price target of $30, which represents a potential upside of 23% from where the stock is currently trading.

Massaro noted, “We’re encouraged with the increasing uptake from physicians and believe Exact Sciences has the potential to meaningfully reduce colon cancer mortality over the next several years given its new novel noninvasive screening solution. Revs of $4.3M topped Street’s $4.1M, but were light of our $4.6M estimate. We suspect the shortfall to our numbers may have resulted from a revenue recognition lag from commercial and Medicare Advantage payors or perhaps a dip in patient compliance rate slightly below our estimate of 70%. Recall, EXAS recognizes commercial payors on a cash basis. EPS of ($0.40) exceeded our ($0.46) estimate and consensus’ ($0.41).”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mark Massaro has a total average return of -8.5% and a 33.3% success rate. Massaro has a -5.1% average return when recommending EXAS, and is ranked #3494 out of 3590 analysts.

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