Exact Sciences Analysts Slash Their Forecasts After Q2 Results

Exact Sciences Corporation EXAS reported better-than-expected second-quarter financial results on Wednesday.

Exact Sciences reported quarterly losses of 9 cents per share, which beat the analyst consensus estimate of losses of 32 cents by 71.88%.The company reported quarterly sales of $699.264 million which beat the analyst consensus estimate of $690.003 million. Screening revenue was $532 million, a 15% increase, and Precision Oncology revenue was $168 million, an increase of 6%.

Also, the company announced an exclusive license agreement with TwinStrand Biosciences.

"Our second quarter results show the dedication of Exact Sciences' world-class team and the power of our unique platform," said Kevin Conroy, chairman and CEO. "We delivered answers to more patients and healthcare professionals than ever before, achieved record revenue and profitability, and advanced each of our key pipeline programs. Momentum continues to build, fueling our purpose to help eradicate cancer."

Exact Sciences shares gained 23.2% to trade at $56.27 on Thursday.

These analysts made changes to their price targets on Exact Sciences following earnings announcement.

• Stifel analyst Daniel Arias maintained Exact Sciences with a Buy rating, while cutting the price target from $100 to $82.
• Benchmark analyst Bruce Jackson maintained Exact Sciences with a Buy rating and lowered the price target from $91 to $67.

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