Canaccord Reiterates Buy on EXACT Sciences Corporation Following 2Q:15 Update
In a research report released today, Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on EXACT Sciences Corporation (NASDAQ:EXAS) with a $32 price target, which implies an upside of 13% from current levels. The report follows EXAS’ second-quarter earnings, with $8.1 million in revenue that topped consensus’ $8.0 million and was light of Canaccord’s revenue estimate of $8.6 million.
Massaro wrote, “Consistent with the company’s Q2 pre-announce at its recent analyst day, EXACT Sciences reported strong Q2 results, highlighted by strong volumes and patient compliance. We highlight below what we believe to be keys to the conference call. Net, net, we are pleased with EXAS’ execution in the field and are encouraged at the rate of physician adoption at this early stage of launch. We will update our model following the company’s Q2 conference call. We are also hosting Exact Science’s CEO Kevin Conroy for a fireside chat at our 35th Annual Canaccord Genuity Growth Conference in Boston on Wednesday, August 12th.”
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 -3.2% and a 50.0% success rate. Massaro has a 12.2% average return when recommending EXAS, and is ranked #3280 out of 3712 analysts.
Out of the 11 analysts polled by TipRanks, 6 rate Exact Sciences Corp stock a Buy, 4 rate the stock a Hold and 1 recommends Sell. With a downside potential of 3.9%, the stock’s consensus target price stands at $27.20.