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Benchmark has cut its rating to hold on Exact Sciences (NASDAQ:EXAS), citing valuation.
The investment bank said that while it has increased its revenue estimates for the company in the wake of a strong Q2 earnings report and raised guidance, the stock appears to have “modest upside,” leading it to lower its rating.
Benchmark said it sees momentum continuing for Exact Sciences’ colon cancer test Cologuard, with new tests likely contributing to revenue in 2025.
The investment group added it could get “more constructive” after Exact Sciences makes additional progress on its pipeline, noting that the company plans to seek FDA clearance for Colorguard 2.0 near the end of the year.
Exact Sciences released its Q2 earnings report on Tuesday, beating Street estimates on both the top and bottom lines.
More on Exact Sciences:
Exact Sciences Corporation (EXAS) Q2 2023 Earnings Call Transcript
Exact Sciences Corporation 2023 Q2 – Results – Earnings Call Presentation
Exact Sciences down 4% after hours despite earnings beat, outlook boost
Exact Sciences GAAP EPS of -$0.45 beats by $0.06, revenue of $622.1M beats by $20.97M
Exact Sciences touts results of next-generation Cologuard test
