UPDATE: Exact Sciences Corporation Price Target Downgraded At Canaccord
In a research report released today, Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on Exact Sciences Corporation (NASDAQ:EXAS), and reduced the price target to $27 (from $30), which implies an upside of 12% from current levels. EXAS closed down 5% yesterday after a sharp intraday selloff as hard as 19% following the company’s fourth quarter call.
Massaro explained, “While trends are improving week/week and there has been no change to the story, the pacing of completed test volumes in the early launch is tracking below our/Street expectations. As a result, we lower our volume/revenue estimates and lower our price target to $27 to reflect the reset. We think the signing of a large commercial payor ahead of the USPSTF decision (we are not factoring this in) represents the biggest catalyst that could spark an upwards revision in 2015 estimates. We think the stock may continue to trade between $22 and $28 until then. We continue to believe Cologuard can meaningfully reduce colorectal cancer globally and reiterate our BUY.”
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 -5.5% and a 50.0% success rate. Massaro has a -2.4% average return when recommending EXAS, and is ranked #3172 out of 3483 analysts.