We’re Positive on EXACT Sciences Corporation’s Partnership with MD Anderson: Canaccord
In a research report issue today, Canaccord analyst Mark Massaro maintained a Buy rating on EXACT Sciences Corporation (NASDAQ:EXAS) with a $30 price target, after the company announced a partnership with the University of Texas MD Anderson Cancer Center to jointly develop and commercialize both screening and diagnostic blood-based tests for the early detection of lung cancer. Shares of EXAS are currently trading at $27.65, up $0.20, or 0.73%.
Massaro wrote, “The partnership with EXAS is part of MD Anderson’s Moon Shots Program, a multidisciplinary effort looking to partner with new, disruptive technologies intended to dramatically lower cancer mortality through the prevention, early detection, and treatment of eight cancer states including lung, breast, ovarian, prostate, melanoma, and leukemia.”
Bottom line: “We are positive on the initiative given the clinical need and large market ($1B+), especially on a global scale. We expect to learn more detail on this partnership during the company’s June 25 Analyst Day at the company’s HQ in Madison, Wisconsin.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mark Massaro has a total average return of -3.0% and a 49.2% success rate. Massaro has a 17.6% average return when recommending EXAS, and is ranked #3208 out of 3610 analysts.