EXACT Sciences Corporation (NASDAQ:EXAS) announced that it expects to end the second quarter of 2015 with approximately 21,000 completed Cologuard tests.
More than 13,800 physicians ordered at least one Cologuard test since the October 2014 launch and the patient compliance rate for Cologuard rose to 73 percent.
The company anticipates completing approximately 32,000 tests during the third quarter of 2015.
“The launch of Cologuard remains very strong and we continue to invest in its growth,” said Kevin T. Conroy, chairman and chief executive officer of Exact Sciences. “We also are pleased with the level of patient compliance, as it confirms that Cologuard is expanding the pool of those who get screened.”
The U.S. Food and Drug Administration (FDA) approved Cologuard, a noninvasive stool-DNA based colon cancer screening test for average-risk patients, on August 11, 2014, and a final national coverage determination for Cologuard was announced by the Centers for Medicare and Medicaid Services (CMS) on October 9, 2014. Cologuard is CE marked and available in parts of the EU.
Exact Sciences will report second-quarter 2015 financial results and provide a commercial update during its earnings call in July 2015. The patient compliance rate is derived from the number of valid test results reported divided by the number of collection kits shipped to patients 60 or more days prior to June 19, 2015. (Original Source)
Shares of Exact Sciences closed yesterday at $31.16 . EXAS has a 1-year high of $31.24 and a 1-year low of $15.01. The stock’s 50-day moving average is $26.44 and its 200-day moving average is $25.42.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on June 22, Canaccord Genuity analyst Mark Massaro maintained a Buy rating on EXAS, with a price target of $32, which represents a slight upside potential from current levels. Separately, on June 19, Jefferies Co.’s Brandon Couillard maintained a Buy rating on the stock and has a price target of $33.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Brandon Couillard have a total average return of -1.9% and 18.8% respectively. Massaro has a success rate of 54.4% and is ranked #3107 out of 3632 analysts, while Couillard has a success rate of 81.4% and is ranked #133.
In total, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.50 which is -2.1% under where the stock closed yesterday.
Exact Sciences Corp is a molecular diagnostics company currently focused on the early detection and prevention of colorectal cancer. It has developed a noninvasive, patient friendly screening test called Cologuard(R).