Mizuho Securities Cuts Price Target on Exact Sciences (EXAS) to $12 Following USPSTF Cologuard Guidelines
Mizuho Securities maintained a Buy rating on Exact Sciences (NASDAQ: EXAS), and cut the price target on price target to $12.00 (from $35.00), after USPSTF Cologuard guidelines have hampered visibility and added risk. Cologuard was only listed as an alternative colorectal screening test for the average-risk population aged 50-75. Street expectations were strongly for Cologuard itself receiving an “A” recommendation, sending the shares reeling.
Analyst Eric Criscuolo commented, "We are reiterating our Buy rating but cutting our PT to $12. USPSTF guidelines for Cologuard that were much less than expected have hampered visibility and added risk. However, after slashing our valuation assumptions and pivoting to a more conservative stance, we still see upside to shares and several areas of optimism, in our view, led by Medicare coverage that is already in place."
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Shares of Exact Sciences closed at $9.98 yesterday.