Canaccord Genuity has maintained a Buy rating and a $75.00 price target on shares of Exact Sciences (NASDAQ: NASDAQ:EXAS), a molecular diagnostics company.
The firm's stance comes ahead of the expected announcement from Exact Sciences regarding data from its blood-based test for colorectal cancer (CRC) screening.
The data, derived from a cohort of 3,000 samples, is anticipated to be revealed on September 16.
The company plans to share the performance metrics of the test, which may include sensitivity to advanced adenoma (AA).
Management is also expected to provide details on the timing of the pivotal BLUE-C blood readout and the process for FDA submission.
Canaccord Genuity notes that the market has already factored in the potential of the blood-based screening opportunity, which may limit stock appreciation post-announcement. Despite this, a positive outcome from the data release on September 16 is expected.
However, the firm expressed a cautious outlook for the late 2024 BLUE-C readout, which is considered crucial for Exact Sciences' future in the blood-based CRC screening market.
InvestingPro Insights
As Exact Sciences (NASDAQ:EXAS) gears up to release pivotal data on its blood-based test for colorectal cancer screening, investors are closely watching the company's stock performance. According to InvestingPro, the stock has seen a significant return over the last week, with a 14.01% increase, and has maintained strong returns over the last month and three months, at 14.57% and 57.64% respectively. These metrics underscore the market's current optimism surrounding the company's short-term prospects.
Despite the positive momentum, InvestingPro Tips indicate that analysts do not expect the company to be profitable this year, and it has not been profitable over the last twelve months. This suggests that investors are weighing the company's growth potential and market opportunities against its current financial performance. Additionally, the company's liquid assets exceed its short-term obligations, which may offer some reassurance regarding its financial resilience.
InvestingPro also provides a fair value estimate for Exact Sciences' stock, which currently stands at $53.82, compared to the analyst target of $75.00. This discrepancy could signal a divergence in market sentiment and analyst expectations, which investors may want to consider in their decision-making process.
For those seeking additional insights, there are more InvestingPro Tips available at https://www.investing.com/pro/EXAS, which could further inform investment strategies regarding Exact Sciences.
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