Exact Sciences added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Vijay Kumar is adding Exact Sciences to the firm’s “Tactical Outperform” list, noting that the stock has underperformed, falling 20% year-to-date, which the firm sees as largely due to fears around competitive headlines. However, the firm thinks these fears are “overdone due to several reasons,” arguing that the Street does not understand the metrics that matter given confusing messaging from companies and that while blood based tests are easier and potentially could increase screening compliance, the “math is not straight forward.” The firm, which sees shares rallying as the risk of cannibalization comes off the table and the teens topline thesis remains intact, has an Outperform rating and $90 price target $90 on Exact Sciences shares.