Barclays initiated coverage of Exact Sciences (EXAS) with an Overweight rating and $70 price target The firm started the liquid biopsy space with Overweight ratings on three names. The technology is “breaking out” with broader adoption across key markets, the analyst tells investors in a research note. Barclays expects volumes to continue to ramp as companies publish data, expand menus across indications and markets, and payers increase coverage across lives as this technology continues to show its utility. “It is too early to pick a winner given how early we are in adoption, so in the meantime we believe that a rising tide will lift all boats,” contends the firm. Barclays sees a “very long runway” from the underpenetrated markets as coverage unlocks selling prices and additional indications unlock more addressable markets.
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