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Investing.com - Benchmark raised its price target on Exact Sciences (NASDAQ:EXAS) to $60.00 from $54.00 on Tuesday, while maintaining a Buy rating on the stock. Currently trading at $53.86, the company has received positive attention from analysts, with InvestingPro data showing 5 analysts recently revising earnings estimates upward.
The research firm's new price target represents 4x its 2026 EV/Revenue estimate, which aligns with the comparable group average.
Benchmark noted that Exact Sciences launched its Multi-Cancer Early Detection (MCED) test, called Cancerguard, on September 10 as a laboratory-developed test (LDT).
The cancer screening company's new test could provide upside to Benchmark's current 2026 estimates, according to the research firm.
Exact Sciences specializes in the development and commercialization of cancer screening and diagnostic tests, with Cancerguard now joining its product portfolio.
In other recent news, Exact Sciences has launched Cancerguard, a multi-cancer early detection blood test, now available in the United States. The test, priced at $689, can detect over 50 types of cancer, including pancreatic, ovarian, and lung cancers. Despite this innovation, several analyst firms have adjusted their price targets for Exact Sciences. BTIG lowered its price target to $60, citing a surprising deal with Freenome, while maintaining a Buy rating. Bernstein SocGen also reduced its target to $60, pointing to developments in the blood-based CRC screening program, despite Exact Sciences' strong quarterly results. RBC Capital lowered its target to $46 over growth concerns, even as the company reported a $40 million revenue beat and increased full-year guidance. TD Cowen adjusted its target to $66, describing the recent quarter as the "best Cologuard quarter in a while." These recent developments highlight both the company's innovation and the cautious stance of analysts.
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