Guardant data missing expectations removes overhang on Exact, says Jefferies

After Guardant Health (GH) disclosed results from its three-year, pivotal ECLIPSE trial evaluating the performance of its blood-based test for detecting colorectal cancer, or CRC, in average-risk adults, Jefferies analyst Brandon Couillard said calling the ECLIPSE data "a flop would probably be unfair." However, top-line data for cancer sensitivity and "pre-cancer" detection were below expectations and inferior to Exact Sciences’ (EXAS) Cologuard test, which he believes removes a "major overhang" and should boost confidence in Cologuard’s long-term revenue opportunity. Couillard has a Buy rating and $70 price target on Exact shares, which are up to $7.76, or 17%, to $52.37 in pre-market trading on Friday.