EXACT Sciences Corporation (NASDAQ:EXAS) issued the following statement today following the U.S. Preventive Services Task Force (USPSTF) draft recommendation statement for colorectal cancer screening.
USPSTF included Cologuard in the draft guidelines as an alternative screening test, along with CT colonography. The draft guidelines recommend an “A” rating for colorectal cancer screening starting at age 50 and continuing until age 75. Screening for individuals age 75 through 85 is graded a “C.” This approach represents a change from the 2008 recommendations, which assigned specific grades for different tests, including an “I” rating for stool-based DNA.
Cologuard is a non-invasive, FDA-approved colorectal cancer screening test that is covered by Medicare. Cologuard specifically and sDNA generally are included in the American Cancer Society and the U.S. Multi-Society Task Force screening guidelines, which include the American Gastroenterological Association, American College of Gastroenterolgy and American Society for Gastrointestinal Endoscopy.
Following USPSTF’s 30-day public comment period, a final recommendation is expected to be announced in 2016.
Exact Sciences Chairman and CEO Kevin Conroy stated, “We are pleased that Cologuard is included in the guidelines, and we look forward to working with USPSTF through its public comment process to optimize Cologuard’s position in the guidelines. Cologuard continues to see widespread and increasing utilization because of its demonstrated clinical performance and its broad appeal to patients and physicians.” (Original Source)
Shares of Exact Sciences Corp closed yesterday at $18.53. EXAS has a 1-year high of $32.85 and a 1-year low of $17.34. The stock’s 50-day moving average is $20.18 and its 200-day moving average is $23.85.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on September 9, Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on EXAS, with a price target of $26, which implies an upside of 40.3% from current levels. Separately, on July 23, Lake Street Capital’s Bruce Jackson upgraded the stock to Buy and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Bruce Jackson have a total average return of -12.6% and 1.8% respectively. Massaro has a success rate of 24.7% and is ranked #3723 out of 3770 analysts, while Jackson has a success rate of 54.5% and is ranked #2069.
Overall, 5 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 $32.50 which is 75.4% 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).