Exact Sciences’ Stock Resilience and Legal Outlook Drive Buy Rating

Puneet Souda, an analyst from Leerink Partners, has initiated a new Buy rating on Exact Sciences (EXAS).

Puneet Souda has given his Buy rating due to a combination of factors related to Exact Sciences’ recent market performance and potential legal outcomes. The company’s stock has shown resilience, trading up by 5%, which stands out as a positive performer in a generally declining market. This positive movement is attributed to favorable interpretations of the Supreme Court’s oral arguments in the Braidwood case, which could have significant implications for Exact Sciences’ Cologuard product.
Puneet Souda notes that the complexity of the legal proceedings necessitates expert analysis, which is why a MEDACorp KOL call is being hosted to delve into the potential outcomes. The ruling in the Braidwood case could impact commercial and Medicaid coverage for Cologuard, a key product for Exact Sciences, without cost sharing. This legal backdrop, combined with the stock’s current market performance, underpins the Buy rating as it suggests potential for future growth and stability for the company.

In another report released on April 21, Jefferies also maintained a Buy rating on the stock with a $80.00 price target.