On Monday, TD Cowen maintained a Buy rating on shares of Exact Sciences (NASDAQ:EXAS), and a price target of $80.00.
The decision comes despite the company's recent underperformance, which has been attributed to several factors including a second-half-weighted guidance, increased sales and marketing investments that have obscured the margin narrative, and rising competition, especially from blood-based tests.
The firm acknowledged the challenges faced by Exact Sciences but expressed confidence in the company's outlook. The analyst noted that while some issues are more straightforward to address, evaluating the impact of blood-based test competition will require more time. The firm's perspective is that, over the next year or more, as clarity on these issues improves, investors are likely to see a significant return, with a potential upside of 78% to the firm's price target, based on the current stock levels.
In other recent news, Exact Sciences Corp announced results from its 2024 Annual Meeting of Shareholders. During the meeting, shareholders elected three nominees to the company’s Board of Directors and ratified the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the year 2024. Additionally, an advisory vote on the compensation paid to the company’s named executive officers was approved.
In related developments, Cathie Wood's ARK ETFs have been actively trading Exact Sciences Corp shares. The fund has shown a pattern of selling the company's stock, as evidenced by a series of transactions over the past week.
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