Mizuho Securities Downgrades Exact Sciences (EXAS) to Neutral

Mizuho Securities downgraded Exact Sciences (NASDAQ: EXAS) from Buy to Neutral with a price target of $6.50 (from $12.00).

Analyst Eric Criscuolo commented, "We’re downgrading EXAS from Buy to Neutral and lowering our PT from $12 to $6.50. We now see too much risk to test volume guidance that implies a sharp acceleration in 2H and relies on a national TV campaign to drive demand. We also expect spending and investments to remain elevated in order to continue to drive demand, presenting a funding overhang. We don’t see an immediate threat from test competition, but that can introduce another risk to the story."

The firm lowers 2016 and 2017 revenue and test volume estimates.

For an analyst ratings summary and ratings history on Exact Sciences click here. For more ratings news on Exact Sciences click here.

Shares of Exact Sciences closed at $6.35 yesterday.

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