Wedbush Downgrades Exact Sciences (EXAS) to Neutral

Wedbush downgraded Exact Sciences (NASDAQ: EXAS) from Outperform to Neutral with a price target of $14.00. The downgrade is tied to valuation.

"We are downgrading shares to NEUTRAL after shares of EXAS have eclipsed our price target," said analyst Zarak Khurshid.

"We believe risk-reward is less appealing now in front of the approval and preliminary coverage decision. We anticipate FDA approval later in 2Q14 followed by a preliminary CMS coverage decision (i.e., reimbursement and testing interval) a few days later. Historically, expectations have been relatively high going into important EXAS events and more often than not, shares sell off on key news," he added.

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 $14.19 yesterday.

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