EXACT Sciences Corporation (NASDAQ:EXAS) announced that it has entered into an agreement with Blue Cross Blue Shield (BCBS) of Rhode Island, one of the state’s leading health plans with more than 500,000 members, to include Cologuard under its Commercial and Medicare Advantage plans. The agreement will go into effect on September 15, 2015.
Cologuard is the first and only FDA approved noninvasive stool-based DNA (sDNA) screening test for colon cancer. The test will be available to BCBS of Rhode Island members through their physician without a co-payment or co-insurance.
“We look forward to working with BCBS of Rhode Island to provide their members with a new option for colon cancer screening. Colon cancer is most treatable when caught early, highlighting the importance of routine screening,” said Kevin Conroy, chairman and CEO of Exact Sciences. “The growing coverage of Cologuard during the first year of launch underscores the strength of our clinical data and the demand for more noninvasive screening options in order to improve colon cancer screening rates across the country.”
Cologuard offers people 50 years and older who are at average risk for colorectal cancer an easy-to-use screening test that they can do in the privacy of their own home. Unlike many other screening options, Cologuard does not require medication, dietary restrictions or bowel preparation prior to taking the test. It is the first noninvasive screening test for colorectal cancer that analyzes both sDNA and blood biomarkers to detect cancer and precancer. Cologuard is available by prescription only. (Original Source)
Shares of Exact Sciences Corp closed last Friday at $20.91. 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 $23.04 and its 200-day moving average is $24.48.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on August 24, Canaccord Genuity analyst Mark Massaro maintained a Buy rating on EXAS, with a price target of $26, which represents a potential upside of 24.3% from where the stock is currently trading. 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 -9.4% and 6.8% respectively. Massaro has a success rate of 30.9% and is ranked #3649 out of 3747 analysts, while Jackson has a success rate of 54.5% and is ranked #1524.
The street is mostly Bullish on EXAS stock. Out of 7 analysts who cover the stock, 7 suggest a Buy rating . The 12-month average price target assigned to the stock is $33.25, which implies an upside of 59.0% from current levels.
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).