EXACT Sciences Corporation (NASDAQ:EXAS) announced an agreement to sell 7,000,000 shares of its common stock to Jefferies LLC, Robert W. Baird & Co. Incorporated and Canaccord Genuity Inc. 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. (Original Source)
Shares of Exact Sciences are down over 4% to $16.10 in after-hours trading. EXAS has a 1-year high of $25 and a 1-year low of $4.67. The stock’s 50-day moving average is $11.25 and its 200-day moving average is $7.65.
On the ratings front, EXAS has been the subject of a number of recent research reports. In a report released today, Jefferies Co. analyst Brandon Couillard reiterated a Buy rating on EXAS, with a price target of $20, which represents a potential upside of 20.1% from where the stock is currently trading. Separately, on the same day, The Benchmark Company’s Jan Wald assigned a Hold rating to the stock and has a price target of $14.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brandon Couillard and Jan Wald have a total average return of 14.2% and 13.2% respectively. Couillard has a success rate of 71.3% and is ranked #146 out of 4083 analysts, while Wald has a success rate of 66.7% and is ranked #505.
Overall, 4 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 $13.50 which is -18.9% under where the stock opened today.
EXACT Sciences Corp. is a molecular diagnostics company, which is focused on the early detection and prevention of colorectal cancer. It has an intellectual property, which protects its non invasive, molecular screening technology for the detection of colorectal cancer. The company was founded on February 10, 1995 and is headquartered in Madison, WI.