Citi opened a “90-day positive catalyst watch” on shares of Exact Sciences while keeping a Buy rating on the name with a $100 price target. The company’s competitive overhang has been removed following Freenome’s data release and there is upside to estimates heading into the Q1 report, the analyst tells investors in a research note. The firm says Exact shares have fallen from its recent peak of $100, driven by investor concern over Freenome’s data. Now that the Freenome data came in below expectations, Cologuard “remains the superior modality given its higher sensitivity and the competitive threat has lifted allowing longer-term investors to re-engage,” contends Citi.
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