EXACT Sciences Corporation (NASDAQ:EXAS) announced the appointment of John K. Bakewell as chief financial officer. Mr. Bakewell will begin his new role on January 1, 2016.
“John brings significant industry and public company experience and financial acumen to Exact Sciences,” said Kevin T. Conroy, chairman, president and CEO of Exact Sciences. “His deep experience in health care makes him the ideal CFO for the company. He is highly respected in the industry and can make a significant impact on the creation of value for Exact Sciences’ shareholders.”
Mr. Bakewell, 54, brings more than two decades of experience in leadership roles in finance and operations with large corporations and emerging growth health care companies. Most recently, he was CFO at Lantheus Holdings Inc., where he led the financial management, investor relations, information technologies and risk management functions.
“I am honored to join the leadership team at Exact Sciences and to have the opportunity to play a key role in the mission of eradicating colon cancer,” Bakewell said.
Bakewell serves as a director of two medical technology companies, including serving as a member of the audit committee of Entellus Medical and as chairman of the audit committee at Keystone Dental. He earned a bachelor’s degree in accounting with a minor in economics from the University of Northern Iowa and is a certified public accountant (current status inactive).
Bakewell will report to Mr. Conroy and serve as a member of the executive leadership team.
Exact Sciences also announced that Bill Megan, who has served as senior vice president of finance since August 2013, will be leaving the company following a short transition period.
“Bill led our finance and accounting functions during a pivotal period, during which we obtained U.S. Food and Drug Administration approval andMedicare coverage for Cologuard, and launched the test,” Mr. Conroy said. “We thank Bill for his outstanding leadership and service, and wish him all the best in his future endeavors.” (Original Source)
Shares of Exact Sciences closed yesterday at $8.87, up $0.53 or 6.35%. EXAS has a 1-year high of $32.85 and a 1-year low of $6.79. The stock’s 50-day moving average is $9.01 and its 200-day moving average is $18.55.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on November 24, Lake Street Capital analyst Bruce Jackson reiterated a Hold rating on EXAS, with a price target of $7, which reflects a potential downside of -21.1% from last closing price. Separately, on October 30, Roth Capital’s Chris Lewis reiterated a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bruce Jackson and Chris Lewis have a total average return of 0% and 6.3% respectively. Jackson has a success rate of 54.5% and is ranked #2351 out of 3645 analysts, while Lewis has a success rate of 51.7% and is ranked #533.
Overall, 3 research analysts have assigned a Hold rating and 6 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 $17.50 which is 97.3% 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).