Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Exact Sciences (EXAS) today and set a price target of $125. The company’s shares closed yesterday at $114.95, close to its 52-week high of $121.98.
Massaro observed:
“We reiterate EXAS as a top pick for 2019 and we raise our PT to $125. Is EXAS still a start-up? We don’t often ascribe $15B companies as “start-ups,” but given its sub-5% penetration rate on just one product, management, vision, and momentum building in Madison (energized with the new opening of lab which expands its capacity by 133% to 7M tests/year), we believe EXAS is just getting started. Pfizer has been a “home run” so far – we expect momentum to accelerate. Management indicated that its three-year partnership with Pfizer has been a “home run” so far. Pfizer reps (particularly the OBGYN reps who were just trained in Jan ’19) aren’t fully ramped yet. Add to this that Pfizer’s Lyrica went off patent two weeks ago, there is good reason to think that the best days working with PFE have not been realized yet.”
According to TipRanks.com, Massaro is a top 100 analyst with an average return of 20.6% and a 62.5% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Exact Sciences with a $119.57 average price target, which is a 4.0% upside from current levels. In a report released yesterday, Merrill Lynch also maintained a Buy rating on the stock with a $130 price target.
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Based on Exact Sciences’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $83.06 million. In comparison, last year the company had a GAAP net loss of $36.39 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 developed Cologuard, a screening test for the early detection of colorectal cancer and pre-cancer. The company was founded on February 10, 1995 and is headquartered in Madison, WI.
