Scotiabank starts Exact Sciences with Outperform, sees ‘plenty of runway’

Scotiabank last night initiated coverage of Exact Sciences with an Outperform rating and $70 price target. The company’s current product portfolio includes wo of the most successful advanced diagnostic products in history: Cologuard and Oncotype DX, the analyst tells investors in a research note. The firm says that although Cologuard is facing increasing competition and Oncotype DX already has significant penetration into its addressable markets, particularly in the U.S., there is “still plenty of runway” for Exact’s existing products. The company is well positioned to layer additional pipeline products into its industry-leading infrastructure of oncology and primary care commercial channels, adds Scotiabank.