Canaccord positive on Exact, Guardant after Freenome data

Canaccord reiterates Buy ratings on Exact Sciences (EXAS) and Guardant Health (GH) after Freenome announced top-line results from its prospective PREEMPT colorectal cancer study, which was designed to validate the first version of the company’s blood-based CRC screening test. The firm says Freenome’s colorectal cancer and advanced adenoma sensitivities were materially below and near the low end of its base case expectations. The company’s “underwhelming data” provided for blood-based tests thus far could prevent this type of screening from obtaining significant share of the colorectal cancer screening market in the near term, the analyst tells investors in a research note. The firm views the shares of Exact Sciences and Guardant Health as attractive at current levels.