Exact Sciences removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI removed Exact Sciences from the firm’s “Tactical Outperform” list as the Freenome topline readout catalyst has passed. The firm says Freenome reported 78.2% sensitivity and 91.5% specificity, with 12.5% sensitivity in detected advanced adenomas and that with two blood based pivotal readouts pointing to AA sensitivity of low teens, Evercore believes the Bear thesis on cannibalization has been negated. Assuming an aEBITDA of 600-700M in FY26, a ~30x EBITDA multiple, the firm sees a pathway to ~$100. Evercore ISI has an Outperform rating and $90 price target $90 on Exact Sciences shares.