EXACT Sciences Corporation (NASDAQ:EXAS) announced that Jefferies LLC and Robert W. Baird & Co. Incorporated, the underwriters of the Company’s previously announced public offering of 7,000,000 shares of common stock, are reoffering the shares to the public at an initial price of $25.50 per share. The Company has also granted the underwriters an option to purchase up to 1,050,000 of additional shares. The offering is expected to close on or about July 24, 2015, subject to customary closing conditions.
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. (Original Source)
Shares of Exact Sciences Corp closed yesterday at $27.03. 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 $28.23 and its 200-day moving average is $25.50.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report released yesterday, Canaccord Genuity analyst Mark Massaro maintained a Buy rating on EXAS, with a price target of $32, which represents a potential upside of 18.4% 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 -3.5% and 6.8% respectively. Massaro has a success rate of 50.7% and is ranked #3314 out of 3711 analysts, while Lewis has a success rate of 62.4% and is ranked #790.
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 12.8% above 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).