Company Update (NASDAQ:EXAS): CMS Corrects 2016 Reimbursement Rate for EXACT Sciences Corporation’s Cologuard
EXACT Sciences Corporation (NASDAQ:EXAS) announced that the Centers for Medicare and Medicaid Services (CMS) indicated that it is correcting the 2016 Clinical Laboratory Fee Schedule (CLFS) and will include the reimbursement national limitation amount (NLA) for Cologuard at $493.21.
Under the federal 2 percent reduction to Medicare fee-for-service claim payments, or “sequestration,” Exact Sciences expects to be reimbursed$483.35 for Cologuard tests provided to Medicare beneficiaries. (Original Source)
Shares of Exact Sciences closed yesterday at $9.11, up $0.02 or 0.22%. EXAS has a 1-year high of $32.85 and a 1-year low of $6.79. The stock’s 50-day moving average is $8.85 and its 200-day moving average is $19.86.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on November 24, Lake Street Capital analyst Bruce Jackson reiterated a Hold rating on EXAS, with a price target of $7, which reflects a potential downside of -23.2% from last closing price. Separately, on October 30, Roth Capital’s Chris Lewis reiterated a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bruce Jackson and Chris Lewis have a total average return of 1.7% and 9.5% respectively. Jackson has a success rate of 54.5% and is ranked #1950 out of 3644 analysts, while Lewis has a success rate of 57.0% and is ranked #320.
Overall, 3 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $17.50 which is 92.1% above where the stock closed yesterday.
Exact Sciences Corp is a molecular diagnostics company currently focused on the early detection and prevention of colorectal cancer. It has developed a noninvasive, patient friendly screening test called Cologuard(R).