Canaccord Genuity analyst Kyle Mikson CFA maintained a Buy rating on Exact Sciences yesterday and set a price target of $75.00.
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Kyle Mikson CFA has given his Buy rating due to a combination of factors surrounding Exact Sciences’ innovative developments and market potential. The company is advancing a PCR-based blood test for colorectal cancer screening, which has shown promising sensitivity and specificity results in its ESMO 2024 presentation. This positions Exact Sciences to potentially capture a significant share of the blood-based screening market, especially if its test performs comparably or better than Guardant Health’s Shield test.
Additionally, the cost-effectiveness and scalability of Exact’s PCR technology could offer a commercial advantage over sequencing-based tests. Although there are concerns about performance degradation, the company’s established commercial organization in CRC screening provides a strategic edge. The upcoming BLUE-C study data readout could further influence investor sentiment, with potential positive implications for Exact Sciences’ stock if the results are favorable compared to Shield’s performance.
According to TipRanks, Mikson CFA is an analyst with an average return of -11.5% and a 30.57% success rate. Mikson CFA covers the Healthcare sector, focusing on stocks such as Illumina, Exact Sciences, and Akoya Biosciences.
In another report released on July 10, Wells Fargo also maintained a Buy rating on the stock with a $68.00 price target.