Canaccord analyst Kyle Mikson lowered the firm’s price target on Exact Sciences (EXAS) to $75 from $95 and keeps a Buy rating on the shares. Although the company’s Q3 results and reduction to 2024 guidance “are a touch alarming,” Canaccord remains bullish on Exact’s long-term growth potential, the analyst tells investors in a research note. The firm says the company’s financial performance was negatively impacted by multiple factors in Q3, including muted sales force productivity and slow transition of the Precision Oncology test portfolio to the Exact Nexus platform. It remains constructive on the shares, recognizing that it maintains modestly less conviction in Exact’s ability to drive consistent growth in its important Cologuard business.
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Read More on EXAS:
- Exact Sciences Reports Strong Q3 Performance and Pipeline Advances
- Closing Bell Movers: Exact Sciences falls 30% after results, guidance cut
- Exact Sciences reports Q3 EPS (21c), consensus (21c)
- Exact Sciences cuts FY24 revenue view to $2.73B-$2.75B, consensus $2.83B
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