Jefferies Raises Price Target on Exact Sciences (EXAS) as HEDIS Includes Cologuard in Quality Measures
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Jefferies reiterated a Buy rating on Exact Sciences (NASDAQ: EXAS), and raised the price target to $23.00 (from $20.00), after NCQA published an updated 2017 HEDIS quality measure that included Cologuard. HEDIS inclusion now provides an immediate economic incentive for payors, physicians & larger health systems to adopt Cologuard.
Analyst Brandon Couillard commented, "NCQA released 2017 HEDIS quality measures for colorectal cancer screening that now include Cologuard with a 3-yr interval. While the news was widely expected, Cologuard's formal inclusion in HEDIS creates an economic incentive for physicians to adopt (removes gating factor that has existed to-date) & marks a key milestone toward establishing the test as a standard of care. We are hiking our PT to $23 (from $20) on higher intermediate-term cash flow forecasts."
Shares of Exact Sciences closed at $18.85 yesterday.
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