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Investing.com - Piper Sandler raised its price target on Exact Sciences (NASDAQ:EXAS) to $70.00 from $60.00 on Wednesday, while maintaining an Overweight rating on the stock. Currently trading at $58.78, the stock sits below analyst targets ranging from $53 to $85. According to InvestingPro data, the company’s current valuation appears slightly above its Fair Value.
The research firm cited the Cologuard franchise as a key driver for the company’s growth potential, along with expanding opportunities in Cancerguard and Minimal Residual Disease (MRD) testing over the long term. The company has demonstrated strong revenue growth of 12.6% over the last twelve months, with a robust gross profit margin of 69.6%.
Piper Sandler noted that Exact Sciences can drive volumes through its new first-line screening strategy to take market share from colonoscopy procedures, along with its Cares Gap initiative and rescreen opportunities. The firm pointed to recent National Cancer Institute study validation of these approaches.
The research note highlighted margin improvements expected from Cologuard Plus and praised Exact Sciences’ financial discipline, evident in its revenue growth and cost management, which signals a positive outlook for profitability.
While acknowledging potential competition from blood-based tests, Piper Sandler stated that current evidence suggests these alternatives will not disrupt Cologuard’s market position.
In other recent news, Exact Sciences Corp. has reported solid quarterly results, with revenue exceeding guidance and surpassing consensus expectations by 5%. This performance was largely attributed to a commercial turnaround for its core product, Cologuard. In addition to these earnings results, Exact Sciences has launched Cancerguard, a multi-cancer early detection blood test available in the United States, which can detect more than 50 cancer types and subtypes. Meanwhile, the company has been active in the market, entering a deal with private company Freenome, which BTIG analyst Mark Massaro described as "surprising."
In terms of stock evaluations, several research firms have adjusted their price targets for Exact Sciences. Benchmark raised its target to $60, maintaining a Buy rating, while BTIG and Bernstein SocGen both lowered their targets to the same price, with BTIG maintaining a Buy rating and Bernstein SocGen an Outperform rating. The adjustments reflect ongoing developments in the company’s blood-based colorectal cancer screening program. These recent developments highlight Exact Sciences’ active role in the cancer detection and diagnostics sector.
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