EXACT Sciences Corporation (NASDAQ:EXAS) announced expanded patient access to Cologuard as a result of several insurers now covering the test. Cologuard is now covered for more than 90 million Medicare and commercial lives across the U.S.
Since the start of 2015, several insurers began covering Cologuard as a noninvasive colon cancer screening test. In addition to several smaller regional providers, insurance plans covering the test now include:
- Anthem Blue Cross and Blue Shield, a leading national health plan with more than 37 million members across 14 states,
- Tufts Health Plan, with more than 1 million members across Massachusetts and Rhode Island and ranked the number one health plan for quality in the country for its Commercial plans and its Medicaid plans*,
- CareFirst BlueCross BlueShield PPO (CareFirst), with 2.3 million eligible members across Maryland, District of Columbia and Northern Virginia,
- Excellus BCBS WNY, with more than 1.4 million members across Western New York and
- Dean Health Plan, insuring more than 272,037 members across Central Wisconsin.
“As adoption of Cologuard grows rapidly among leading insurance providers, Exact Sciences is encouraged that the medical community continues to believe in the value of offering this additional noninvasive screening test to average risk patients,” said Kevin Conroy, Chairman and CEO of Exact Sciences. “With expanded patient access to the test, we are excited about the opportunity to reach millions of people and continue to support awareness and options for colorectal cancer screening nationwide.”
Cologuard offers people 50 years and older who are at average risk for colorectal cancer an easy-to-use screening test that they can do in the privacy of their own home. Unlike many other screening options, Cologuard does not require medication, dietary restrictions or bowel preparation prior to taking the test. It is the first noninvasive screening test for colorectal cancer that analyzes both sDNA and blood biomarkers to detect cancer and precancer. Cologuard is available by prescription only.
For more information, visit www.CologuardTest.com or call 1-844-870-8870.
* The National Committee for Quality Assurance (NCQA) Private and Medicaid Health Insurance Plan Rankings 2014-2015. (Original Source)
Shares of EXACT closed last Friday at $22.76 . EXAS has a 1-year high of $29.97 and a 1-year low of $10.69. The stock’s 50-day moving average is $23.01 and it’s 200-day moving average is $24.53.
On the ratings front, EXACT has been the subject of a number of recent research reports. In a report issued on March 30, Canaccord Genuity analyst Mark Massaro maintained a Buy rating on EXAS, with a price target of $30, which implies an upside of 31.8% from current levels. Separately, on March 26, Goldman Sachs’ Isaac Ro downgraded the stock to Hold and has a price target of $24.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Isaac Ro have a total average return of -4.4% and -3.6% respectively. Massaro has a success rate of 53.3% and is ranked #3246 out of 3574 analysts, while Ro has a success rate of 53.7% and is ranked #3171.
In total, 2 research analysts have assigned a Hold rating and 4 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 $22.76 which is 17.9% above where the stock closed last Friday.
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).