William Blair analyst Andrew Brackmann has maintained their bullish stance on EXAS stock, giving a Buy rating yesterday.
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Andrew Brackmann has given his Buy rating due to a combination of factors that highlight Exact Sciences’ potential for growth. The company recently secured Medicare coverage for its Oncodetect MRD test, which is used for monitoring colorectal cancer recurrence and is expected to significantly contribute to the company’s revenue. This reimbursement aligns with management’s expectations and positions Exact Sciences well in a market with a total addressable market (TAM) estimated between $15 billion to $20 billion, with colorectal cancer being a substantial subset.
Despite facing competition from industry leaders like Natera and Guardant Health, Exact Sciences is making strategic investments and expanding its indications, which could lead to further reimbursement wins. The company’s existing strengths, such as its Oncotype DX offering in breast cancer, and other growth drivers like Cologuard rescreens and new screening products, bolster confidence in its long-term growth trajectory. These factors collectively underpin Brackmann’s optimistic outlook for the stock.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $68.00 price target.