More Bull Notes for EXACT Sciences After Earnings

EXACT analysts are still very bullish

by Josh Selway

Published on May 1, 2019 at 9:55 AM

Molecular diagnostics specialist EXACT Sciences Corporation (NASDAQ:EXAS) has received a number of bullish analyst notes this morning after the company's earnings release last night. Canaccord Genuity, SVB Leerink, Jefferies, and Craig-Hallum all lifted their price targets on the stock, with the latter two setting the highest marks at $115, deep into all-time-high territory. This comes after EXACT posted a wider-than-expected loss for the first quarter despite topping revenue expectations.

Analysts were already overwhelmingly bullish on the shares coming into today, with seven of the eight tracking EXAS handing out "strong buy" recommendations. What's more, the average 12-month price target is $111.73. For reference, the stock was last seen trading down 2.7% at $96.02, after hitting a record high $101 earlier this morning.

Options traders, on the other hand, were taking a bearish stance on EXAS ahead of earnings. Specifically, the 10-day put/call volume ratio of 1.56 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 90th annual percentile, showing there's been unusually strong demand for long puts over calls.

There's also been pessimism from short sellers, who control 6.7% of the float, or 5.6 times the average daily trading volume. However, short interest declined by 12.4% in the last reporting period, so maybe these bears are in cover mode -- a potential tailwind for EXACT Sciences.

a schaeffer's exclusive

PLAY TRENDS LIKE A PRO!

5 tips to leverage profits in this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Roller Coaster Week Defined by Trade Headlines, Jobs Report
The Dow made outsized moves in both directions this week
Needham is Buying Trade Desk Ahead of the 2020 Election
Trade Desk stock has more than doubled in 2019
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.