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Investing.com - Canaccord Genuity downgraded Exact Sciences (NASDAQ:EXAS) from Buy to Hold while raising its price target to $105.00 from $85.00 following Abbott Laboratories’ acquisition announcement.
The downgrade comes after Abbott Laboratories (NYSE:ABT) revealed on Thursday, November 20, its plan to acquire Exact Sciences in an all-cash transaction valued at approximately $21 billion, or $23 billion including net debt.
Under the terms of the agreement, Exact Sciences shareholders will receive $105.00 in cash per share, representing a premium of nearly 50% compared to the company’s closing price on November 18, before news of the potential deal was reported by Bloomberg.
Canaccord Genuity described the merger as "logical for both parties," highlighting the potential for material synergies and some business overlap between the two companies.
The research firm characterized the acquisition as a "potential watershed moment in the diagnostics industry," particularly for cancer screening, suggesting it could help lift sector multiples and potentially lead to increased merger and acquisition activity in the future.
In other recent news, Exact Sciences has been in the spotlight due to its acquisition by Abbott Laboratories . UBS has raised its price target for Exact Sciences to $105 from $80, reflecting expectations that the acquisition deal will close as planned by the second quarter of 2026. Meanwhile, Jefferies downgraded Exact Sciences from Buy to Hold, adjusting its price target to $105 following the acquisition approval by Exact Sciences’ board. The deal is pending shareholder approval, expected in the coming months.
UBS maintains a Neutral rating on Exact Sciences, with an analyst noting that they do not foresee competing bids if the acquisition proceeds at an agreed price. In other company news, Quanterix Corporation has appointed two former Thermo Fisher Scientific executives to its board as part of a leadership restructuring. The new board members, Garret Hampton and Alan Sachs, are expected to support Quanterix in its next growth phase. These developments reflect significant strategic shifts within both Exact Sciences and Quanterix.
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