Canaccord notes that Exact Sciences has announced performance data for its blood-based colorectal cancer screening test at the 2024 European Society for Medical Oncology Congress. Exact’s test demonstrated 88% CRC sensitivity and 31.2% advanced adenoma sensitivity. Interestingly, Canaccord says, Exact believes its test could achieve AA sensitivity comparable to fecal immunochemical test in the upcoming BLUE-C blood readout. Although the ESMO data is impressive, the firm believes the BLUE-C results will be closer to competing blood tests. Overall, Canaccord thinks a colon blood test will be an attractive additional revenue stream for Exact, recognizing that Cologuard will remain the key to the company’s long-term growth. The firm has a Buy rating on the shares with a price target of $75.
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