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TECHNOLOGY
Exact Sciences Q4 Sales Beat, Colon-Cancer Test Procedures Double
Exact Sciences said the number of colon-cancer tests done with its Cologuard product soared 134% in 2016. (Exact Sciences Corporation)
MICHAEL KREY1/09/2017
Exact Sciences (EXAS) stock soared Monday after the maker of the Cologuard DNA screening test for colon cancer preannounced a solid Q4 revenue beat, saying Cologuard procedures in 2016 more than doubled.
Exact Sciences stock rose 19% in heavy trading in the stock market today to 17.98, hitting a more than two-month high.
Canaccord Genuity analyst Mark Massaro called the results excellent and reiterated his buy rating and 24 price target on Exact Sciences stock.
Late Sunday, Exact Sciences said Cologuard completed about 244,000 tests in 2016, up 134% from 2015. That included 82,000 in Q4, beating Massaro's estimate of 78,000.
The company said it added 9,500 new physicians in Q4 who were recommending Cologuard usage for their patients, up from 9,000 in Q3 and above Massaro's 8,000 estimate.
Exact Sciences