Exact Sciences price target lowered to $70 from $80 at BTIG

BTIG analyst Mark Massaro lowered the firm’s price target on Exact Sciences (EXAS) to $70 from $80 and keeps a Buy rating on the shares. The firm was “surprised” to see the departure last month of the company’s Chief Commercial Officer, Everett Cunningham, particularly in the wake of the departure of EXAS’ prior CFO, Jeff Elliott, the analyst tells investors in a research note. BTIG adds that there are still some lingering investor concerns on Exact Sciences related to the company stepping up hires of more primary care sales people and as more investors now believe that Guardant Health (GH) will obtain both FDA approval of its Shield blood test and gets a primary screening label following its positive FDA Adcom vote.