Canaccord Genuity’s healthcare analyst Mark Massaro weighed in today with a few insights on EXACT Sciences Corporation (NASDAQ:EXAS), after the stock plunged following the company’s fourth-quarter call. The analyst reiterated a Buy rating with a $30 price target, which implies an upside of 21% from current levels.
Massaro noted, “We believe the stock weakness is overdone and think a new entry point has formed to go long, given that trends 1) are improving week/week and 2) new sales rep hires next week are likely to accelerate growth. The core piece of the weakness, in our view, was management’s commentary it will “exceed 10,000 test results in Q1,” which we think is now likely to fall short of our 13,398 estimate and below some investors’ models perhaps of 15,000+. We think investors should buy this stock on today’s weakness and will update our model later in the day.”
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 -4.8% and a 58.1% success rate. Massaro has a 2.6% average return when recommending EXAS, and is ranked #3110 out of 3480 analysts.