EXACT Sciences Corporation (NASDAQ:EXAS) announced an agreement to sell 7,000,000 shares of its common stock to Jefferies LLC and Robert W. Baird & Co. Incorporated as underwriters in an underwritten public offering pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on Form S-3. The Company has also granted the underwriters an option to purchase up to 1,050,000 additional shares.
The Company intends to use the net proceeds of this offering to fund expansion of Cologuard® commercialization activities, to fund product development efforts, and for general corporate and working capital purposes.
Jefferies LLC and Robert W. Baird & Co. Incorporated are acting as the underwriters for the offering. (Original Source)
Following the news, Exact Sciences shares are down 9.24% to $25.06 in after-hours trading. EXAS has a 1-year high of $32.85 and a 1-year low of $15.12. The stock’s 50-day moving average is $28.26 and its 200-day moving average is $25.48.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report released today, Canaccord Genuity analyst Mark Massaro maintained a Buy rating on EXAS, with a price target of $32, which represents a potential upside of 12.3% from where the stock is currently trading. Separately, on July 13, Roth Capital’s Chris Lewis reiterated a Buy rating on the stock and has a price target of $31.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Chris Lewis have a total average return of -3.2% and 8.1% respectively. Massaro has a success rate of 50.0% and is ranked #3280 out of 3712 analysts, while Lewis has a success rate of 62.4% and is ranked #667.
Overall, 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 7.1% above where the stock opened today.
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).