Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Exact Sciences (EXAS) today and set a price target of $100. The company’s shares closed yesterday at $83.28, close to its 52-week high of $90.94.
Massaro commented:
“We view the guide as beatable and see a path to upside to our raised estimates. EXAS is one of our top picks for 2019, and we reiterate our BUY rating and our $100 PT. Strong Q4. 64% rev. growth beat us, and despite a step up in spend with OPEX growing +77%, EXAS delivered a bottom line beat vs. our model. Q4 revs of $143M (+64% Y/Y) matched its pre-announce and beat our prior $124.5M (+42%) and Q4 volumes of 292k (+64% Y/Y, +21% q/q) beat our 269k (+53% Y/Y, +12% q/q). Y) beat our $463. Net loss of $54M beat our forecast loss of $66M and loss/share of $(0.44) beat our $(0.53)/Street’s $(0.48). GMs of 73% (flat) beat our 72%E and cost/ test of $129 was in-line. Q4/18 OPEX of $154M (+77% Y/Y) was above our $149ME. 2019 guide.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 16.0% and a 57.7% success rate. Massaro covers the Healthcare sector, focusing on stocks such as Meridian Bioscience Inc, Quanterix Corporation, and Orasure Technologies.
Exact Sciences has an analyst consensus of Strong Buy, with a price target consensus of $103.67, implying a 24.5% upside from current levels. In a report released yesterday, Robert W. Baird also maintained a Buy rating on the stock with a $102 price target.
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Based on Exact Sciences’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $45.36 million. In comparison, last year the company had a GAAP net loss of $21.76 million.
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EXACT Sciences Corp. is a molecular diagnostics company, which focuses on the early detection and prevention of colorectal cancer. It has an intellectual property, which protects its non invasive, molecular screening technology for the detection of colorectal cancer. The company was founded on February 10, 1995 and is headquartered in Madison, WI.
