Raymond James Starts Exact Sciences (EXAS) at Strong Buy
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Raymond James analyst Andrew Cooper initiates coverage on Exact Sciences (NASDAQ: EXAS) with a Strong Buy rating and a price target of $160.00.
The analyst commented, "We initiate coverage on shares of Exact Sciences with a Strong Buy rating as the company is positioned to be a major player in each of the most exciting areas of diagnostics (minimal residual disease [MRD], precision oncology, and early detection/screening) for years to come. Relative to other public players, Exact already has a strong foothold in the screening market with Cologuard (which we note entails a tremendous presence in primary care offices) and deep penetration in core oncology markets with the Oncotype IQ product lines. It has tailwinds for Cologuard from 45-49 year olds, rescreens, and electronic ordering and upside potential in precision oncology from new products Oncotype MAP and the PFS Genomics acquisition. Proven channel strength from these assets and our confidence in the underlying technology assets built/acquired for MRD and multi-cancer screening bode well for significant share in the large new markets. Lastly, we view the valuation as attractive, with the base business growing rapidly in a market investors are valuing highly for new entrants and a relatively conservative ~$10 of value per share for multicancer and MRD from our DCF analysis supporting our $150 price target."
Shares of Exact Sciences closed at $125.01 yesterday.
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