EXACT Sciences Corporation (NASDAQ:EXAS) announced that under a recently-signed contract, Exact Sciences is now an in-network provider of Cologuard with Anthem Blue Cross and Blue Shield in the states of Indiana, Ohio, Kentucky, Missouri and Wisconsin.
“As Cologuard’s in-network status grows in 2016, more people gain access to this innovative screening test,” said Kevin Conroy, chairman and CEO of Exact Sciences. “This access gives us more opportunities to find cancer in its earliest, most treatable stages.”
With the recent additions, 69 percent of Anthem’s 37.6 million members now live in states where Cologuard is contracted as an in-network service.
Anthem is the second-largest commercial health insurer in the United States. Exact Sciences has now entered into contracts with Anthem in eight states, including four where Anthem is the largest private insurer in the state (Va., Ga., Ind. and Wis.). Exact Sciences is seeking to enter into similar agreements with additional Anthem affiliates during 2016.
“The momentum continues to build for Cologuard’s commercial coverage and contracting,” said Conroy. “Along with more patients gaining in-network access to our test, the execution of our sales strategy and our consumer marketing efforts continue to drive Cologuard awareness among both patients and physicians.” (Original Source)
Shares of Exact Sciences closed yesterday at $6.64, up $0.14 or 2.15%. EXAS has a 1-year high of $32.85 and a 1-year low of $4.67. The stock’s 50-day moving average is $6.53 and its 200-day moving average is $7.09.
On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on May 23, BTIG analyst Sean Lavin reiterated a Buy rating on EXAS, with a price target of $9, which implies an upside of 35.5% from current levels. Separately, on May 4, Mizuho’s Eric Criscuolo downgraded the stock to Hold and has a price target of $6.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Sean Lavin and Eric Criscuolo have a total average return of 7.8% and -0.8% respectively. Lavin has a success rate of 62.4% and is ranked #292 out of 3891 analysts, while Criscuolo has a success rate of 50.0% and is ranked #2677.
Overall, one research analyst has assigned a Hold rating and 3 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 $11.00 which is 65.7% above where the stock closed yesterday.